The Bank Slate


CoVantage CU to buy LincolnWay in Illinois

CoVantage Credit Union in Antigo, Wis., has agreed to buy LincolnWay Community Bank in New Lenox, Ill. 

The $2.7 billion-asset CoVantage said in a release that it expects to complete the purchase of the $277 million-asset LWCBancorp unit in the fourth quarter. The credit union did not disclose the price it will pay. 

LincolnWay has two branches, $243 million of deposits and $197 million of loans. 

Six credit unions have agreed to buy banks this year. 

Mercer Capital and Honigman advised CoVantage. Olsen Palmer and Barack Ferrazzano Kirschbaum & Nagelberg advised LWCBancorp.

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