October 25 2021 GreenState Credit Union and Midwest Community Bank Announce Strategic Acquisition
News Release
October 25, 2021
FOR IMMEDIATE RELEASE
GreenState Credit Union and Midwest Community Bank Announce Strategic Acquisition
Freeport, Illinois ([October 25, 2021) – Midwest Community Bank (“MCB”) and its subsidiary Blueleaf Lending, LLC (“Blueleaf”) of northern Illinois have entered into a purchase and assumption agreement with GreenState Credit Union (“GreenState”). GreenState will purchase substantially all of the assets and assume substantially all of the liabilities of MCB and Blueleaf, including all of their full-service banking locations as well as their loan production offices in and around the Chicagoland area. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second quarter of 2022.
MCB was established in Illinois in 1965 and has experienced tremendous growth over the years, now serving over 20,000 customers. Its customer-centric service model and local decision-making on loans have played a key role in the growth of MCB, which now stands at over $411 million in assets.
Mark and Todd Wright , co-CEO’s of MCB commented, “Our bank has a long history of providing exceptional customer service and giving back to our communities. When we set out to find a potential partner, we wanted one that matched up well with our core value of nurturing long-term customer relationships. We found that alignment with GreenState Credit Union. Together we will be able to do great things for our staff, our customers, and the communities we serve. We couldn’t be more excited about the future.”
Established in Iowa in 1938, GreenState (www.greenstate.org) is one of the largest credit unions in the Midwest with just over $8 billion in assets and 350,000 members. It offers deposits, loans, insurance, wealth management, commercial and trust services for its members. For the last 10 years, it has ranked in the top 1% of all U.S. financial institutions for returning profits to its members in the form of better rates and fewer fees (source: Callahan and Associates). GreenState has 24 branch locations serving members in Iowa, Illinois, Wisconsin, Nebraska and South Dakota.
GreenState President and CEO, Jeff Disterhoft, stated, “The combined resources of GreenState and Midwest Community Bank will produce excellent opportunities for their customers and the communities they live in. It means improvements in product pricing, expansion of branch locations, and additional digital convenience services that will improve the financial lives of their customers.”
GreenState was advised in the transaction by Honigman LLP as legal counsel, and McQueen Financial Advisors, as financial advisor. MCB and Blueleaf were advised by Barack Ferrazzano Kirschbaum & Nagelberg LLP, as legal counsel, and Hovde Group, LLC, as financial advisor.