MILWAUKEE — Landmark Credit Union is reporting it has completed its acquisition of a North Shore Bank branch in McHenry, Ill., adding more than $30 million in deposits and expanding the credit union’s presence in the state.
The $8-billion Landmark CU said the transaction, first announced in March, closed after receiving required regulatory approvals. The former North Shore Bank branch at 1689 N. Curran Road officially became part of Landmark on Aug. 31 following a weekend conversion.
The bank is headquartered approximately 65 miles from the credit union.
Loans Not Included
The agreement included the physical branch and its associated deposits but did not include North Shore Bank loan relationships, according to Landmark. Customers whose accounts were included in the transaction are eligible to become Landmark members.
“With the completion of this branch acquisition, we are excited to welcome our new members and look forward to serving them as we expand our presence in McHenry County in Illinois,” Landmark President and CEO Timothy Mackay said in a statement.
Mackay said the additional location will also provide greater convenience and access to products, services and digital banking options for existing Landmark members.
“I am energized by the teamwork that led to this integration and look forward to getting further connected in this community,” he said.
Complement for Indirect Activity
Landmark said the acquisition complements its existing indirect lending activity in the McHenry County market and is part of the credit union’s broader growth strategy.
All employees working at North Shore Bank’s McHenry branch were offered continued employment with Landmark, according to the credit union.
ALM First served as Landmark’s financial adviser on the transaction, while Honigman LLP served as legal counsel.
Founded in 1933, Landmark Credit Union has 36 branches and more than 405,000 members.
