Affordable housing loan servicer gains BHC for planned Illinois bank deal
AmeriNational Community Services in Albert Lea, Minn., received Federal Reserve approval to form a bank holding company so it can buy Northwest Bancorp. of Illinois in Palatine.
AmeriNational, an economic development and affordable housing loan servicer, applied with the Fed late last year as part of its plan to buy the parent of the $215 million-asset First Bank and Trust Co. of Illinois.
“AmeriNat has operated in a complex and highly regulated environment for nearly 50 years,” Adrienne Thorson, the company’s CEO and incoming chair of Northwest and its bank, said in a press release. “We are excited to add our experience to the already established First Bank team and to continue what is working well for First Bank.”
O’Brien-Staley Partners, a Minnesota-based investment management firm, bought AmeriNational in June 2015 for $15.1 million.