Landmark Credit Union has completed the acquisition the North Shore Bank branch in McHenry, Illinois, adding more than $30 million in deposits to its portfolio.
The initial agreement was announced in March and since Landmark received the necessary regulatory approvals, starting Aug. 31, the branch is officially part of the credit union.
The conversion of the North Shore Bank branch in McHenry occurred over the weekend. All designated customer accounts are eligible to become members of Landmark Credit Union. This acquisition is a complement to Landmark’s indirect lending activity in the region and is a part of the organization’s overall growth strategy.
The agreement included the physical branch and associated deposits but excluded loan relationships. All McHenry North Shore branch associates were offered continued employment with Landmark.
ALM First served as financial advisor and Honigman LLP as legal counsel on this transaction for Landmark Credit Union.
