McHENRY, Ill.–Just over a week after it announced it was acquiring a bank, and drawing the ire of the state’s bankers in the process, Brookfield, Wis.–based Landmark Credit Union said it has reached an agreement to purchase the North Shore Bank branch in McHenry, Ill. The acquisition will add approximately $34 million in deposits, the credit union said.
As part of the transaction, Landmark will acquire the physical branch, assume the associated deposits with this location, and employ the branch’s employees. Terms of the deal were not released.
“This expansion strengthens Landmark’s presence in McHenry County and supports the organization’s broader growth strategy,” the $7.48-billion Landmark CU said in a statement.
“This acquisition allows us to deepen our commitment to the Illinois communities we already serve,” LCU President and CEO Timothy Mackay said in a statement. “We’ve experienced strong indirect lending activity in this region. Adding a full-service branch, along with welcoming the talented team already serving local customers, helps us enhance the convenience and support we can offer our members. We look forward to welcoming North Shore Bank’s McHenry customers and team members to Landmark as we continue to focus on expanding our presence in this area.”
Financial Advisors
ALM First served as financial advisor and Honigman LLP as legal counsel to Landmark Credit Union. Hillworth Bank Partners served as financial advisor and Reinhart Boerner Van Deuren s.c. as legal counsel to North Shore Bank.
As the CU Daily reported here, Landmark CU recently announced it plans to acquire Appleton, Wis.-based American National Bank-Fox Cities, which will allow it to expand its footprint north into Green Bay. The bank has $419 million in assets and $328 million in deposits.
The acquisition was criticized by the Wisconsin Bankers Association. In turn, the Wisconsin Credit Union League said the bankers statements are “dubious” and “misleading.”
