GreenState Credit Union in Iowa buying another bank

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 $8 billion of assets, announced Monday that it would acquire the $411 million-asset community bank and its subsidiary Blueleaf Lending, as well as assume all requisite liabilities. The deal is expected to close in the second quarter of 2022.

“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 previously struck deals for the $379-million asset Premier Bank in Omaha, Nebraska, and the $753 million-asset Oxford Bank & Trust in Oakbrook, Illinois.

“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 latest before GreenState's was the agreement by Dupaco Community Credit Union in Dubuque, Iowa, to acquire Home Savings Bank in Madison, Wisconsin.