The Bank Slate


Michigan State University FCU lines up second bank purchase

Michigan State University Federal Credit Union in Lansing has announced its second bank acquisition in the past week.

The $7.6 billion-asset credit union plans to buy the $146 million-asset Algonquin State Bank in Algonquin, Ill., from First Algonquin, the bank’s parent company. The price wasn’t disclosed.

The deal is expected to close in the first quarter.

The announcement comes two days after the credit union said it plans to buy McHenry Bank in McHenry, Ill. Algonquin and McHenry are both in the Chicago area, where the credit union recently announced plans to build new branches.

The acquisition “will further expand our presence in McHenry County and surrounding Chicagoland areas,” April Clobes, the credit union’s president and CEO, said in the release.

The credit union was advised by Piper Sandler and and Luse Gorman. First Algonquin and Algonquin State Bank were advised by Olsen Palmer and Vedder Price.

Nine banks have agreed to sell to credit unions this year, including four in the past four days.

Leave a Reply

Your email address will not be published. Required fields are marked *