Landmark Credit Union has completed its acquisition of North Shore Bank’s branch in McHenry, Illinois, adding more than $30 million in deposits and expanding its physical presence in McHenry County.
The parties initially announced the transaction in March, and the acquisition became effective August 31 following receipt of required regulatory approvals.
The acquired location is at 1689 N. Curran Road in McHenry.
The conversion took place over the weekend, and designated North Shore Bank customers associated with the branch are eligible to become Landmark Credit Union members.
The agreement includes the physical branch location and its associated deposits but does not transfer North Shore Bank loan relationships.
All employees working at North Shore’s McHenry branch were offered continued employment with Landmark.
Landmark sees the acquisition as complementary to its existing indirect lending business in the region.
Adding a physical branch provides the credit union with another way to deepen those relationships while giving existing members access to another location, expanded products and Landmark’s digital banking capabilities.
The transaction also provides a relatively targeted way to enter or expand within a local banking market.
Rather than acquiring an entire bank, Landmark is adding a specific branch, customer deposits and employees while leaving the seller’s loan portfolio outside the transaction.
Landmark was founded in 1933 and has grown into a credit union with more than $8 billion in total assets.
Its platform includes 36 branches, more than 405,000 members and over 1,000 employees.
Support: ALM First served as Landmark’s financial advisor on the transaction, while Honigman provided legal counsel.
KEY QUOTE:
“We are excited to welcome our new members and look forward to serving them as we expand our presence in McHenry County.”
Timothy Mackay, President And CEO Of Landmark Credit Union
