Iowa-based GreenState Credit Union is purchasing Midwest Community Bank and its subsidiary, Blueleaf Lending LLC, in Freeport, Ill.
Once the transaction is finalized in the second quarter of 2022, GreenState will purchase the assets and assume the liabilities of Midwest Community Bank, adding approximately $367.5 million in assets, $307.5 million in loans and $312.5 million in deposits. It will expand its presence into Illinois with three branches — in Freeport, Woodstock and Rockford — and seven LPOs.
Established in 1938, GreenState is one of the largest credit unions in the Midwest, with more than $8 billion in assets. It has 24 branches in Iowa serving 350,000 members in a five-state area. Midwest Community Bank was established in 1965 in Illinois and has more than $411 million assets and more than 20,000 customers.
“Our bank has a long history of providing exceptional customer service and giving back to our communities,” said Midwest Community Bank Co-CEOs Mark and Todd Wright. “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. 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. We couldn’t be more excited about the future.”
“The combined resources of GreenState and Midwest Community Bank will produce excellent opportunities for their customers and the communities they live in,” added GreenState President and CEO Jeff Disterhoft. “It means improvements in product pricing, expansion of branch locations and additional digital convenience services that will improve the financial lives of their customers.”
The law firm Honigman LLP and McQueen Financial Advisors advised GreenState. Barack Ferrazzano Kirschbaum & Nagelberg LLP and Hovde Group LLC advised Midwest Community Bank and Blueleaf Lending.