Gurnee, Ill.-based NorthSide Community Bank’s sale to Rantoul, Ill.-based CU 1 will not close, according to S&P Global.
It is unclear why the acquisition was called off. The deal was announced on June 3, 2022, and granted FDIC approval. CU 1 and NorthSide Bank did not respond to requests for comment before the story was published.
When the deal was announced, Patti Clausen, CEO of the $248 million bank, said the size and scale of the $1.3 billion Credit Union “strengthens our ability to serve our existing customers in the manner that they have come to expect but also allows us to increase the number of businesses that we can help grow across the new combined partnership. We are excited to be a part of that promising future.”