Wisconsin-based Landmark Credit Union recently entered into an agreement to purchase Wisconsin-based North Shore Bank’s branch at 1689 N. Curran Rd. in McHenry, Ill.
The purchase supports Landmark’s broader growth strategy and will strengthen its presence in McHenry County. The credit union will assume approximately $34 million in deposits, the branch building and the branch’s employees who will be offered employment with Landmark. The transaction excludes loan relationships.
“This acquisition allows us to deepen our commitment to the Illinois communities we already serve,” Timothy Mackay, Landmark Credit Union president and CEO, said. “We’ve experienced strong indirect lending activity in this region. Adding a full-service branch, along with welcoming the talented team already serving local customers, helps us enhance the convenience and support we can offer our members. We look forward to welcoming North Shore Bank’s McHenry customers and team members to Landmark as we continue to focus on expanding our presence in this area.”
The deal is expected to close during the second half of the year, subject to satisfaction of customary closing conditions and regulatory approvals.
Landmark Credit Union is a not-for-profit financial cooperative with 35 branches, more than 1,000 employees and $7 billion in assets serving more than 400,000 members.