FREEPORT (WREX) — A bank in the Stateline has entered into a purchase agreement.
Midwest Community Bank and its subsidiary, Blueleaf Lending, LLC of northern Illinois have entered into a purchase and assumption agreement with GreenState Credit Union.
GreenState will purchase substantially all of the assets and assume substantially all of the liabilities of MCB and Blueleaf, including all of their full-service banking locations as well as their loan production offices in and around the Chicagoland area.
There are two Midwest Community Banks in Freeport and one in Rockford.
“Our bank has a long history of providing exceptional customer service and giving back to our communities. 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," Mark and Todd Wright, co-CEO's of Midwest Community Bank, said in a news release.
The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the second quarter of 2022.