Credit Union 1 in Rantoul, Ill., has agreed to buy NorthSide Community Bank in Gurnee, Ill.
The $1.3 billion-asset CU1 said in a press release Friday that it expects to complete the purchase of the $311 million-asset NorthSide by the first quarter. CU1 did not disclose the price it will pay AliKat Investments for its bank.
NorthSide has four branches, $247 million of deposits and $198 million of loans.
“We are excited about the commercial lending expertise NorthSide represents,” Todd Gunderson, CU1’s president and CEO, said in the release.
“This acquisition … in the Chicagoland area perfectly complements our strategy of organic membership and asset growth through expanded products, services and technologies,” Gunderson added.
The announcement comes a day after NuMark Credit Union in Joliet, Ill., said it plans to buy the $135 million-asset Pioneer State Bank in Earlville, Ill.
The CU1-NorthSide deal is the ninth transaction announced in 2022 where a credit union plans to acquire a bank. The record was 16 deals in 2019.