GreenState Credit Union in North Liberty, Iowa, has agreed to purchase Midwest Community Bank in Freeport, Illinois, its third bank deal this year.
The credit union, with more than
“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,” Mark and Todd Wright, Midwest Community's co-CEOs, said in a press release. “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.”
The credit union
“The combined resources of GreenState and Midwest Community Bank will produce excellent opportunities for their customers and the communities they live in,” Jeff Disterhoft, president and CEO of GreenState, said in the release. “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 and McQueen Financial Advisors. Midwest Community and Blueleaf were advised by Barack Ferrazzano Kirschbaum & Nagelberg and Hovde Group.
This is the 12th deal this year in which a credit union agreed to purchase a bank, surpassing last year's tally of seven and approaching the record of 16 in 2019. The