GreenState Credit Union to buy Illinois Bank

GreenState Credit Union in North Liberty, Iowa, has agreed to buy Midwest Community Bank in Freeport, Ill.

The $8.5 billion-asset GreenState will buy assets and assume liabilities of the $368 million-asset Midwest Community, according to an announcement by Hovde Group. 

Hovde advised Freeport Bancshares, which is selling Midwest Community. 

The deal is expected to close in the second quarter. Midwest Community has three branches, seven loan production offices, $308 million of loans and $313 million of deposits. GreenState will also buy Blueleaf Lending. 

GreenState did not disclose the price it will pay.

GreenState in May agreed to buy the $731 million-asset Oxford Bank & Trust in Oak Brook, Ill., and the $345 million-asset Premier Bank in Omaha, Neb.

This the 12th CU-bank deal announced in 2021.