Brookfield Bancshares in Brookfield, Ill., has agreed to buy NSTS Bancorp in Waukegan, Ill.
The $333.4 billion-asset Brookfield said in a press release that it will pay $73.7 million in cash for the $266.6 million-asset NSTS. The deal is expected to close in the fourth quarter.
North Shore will retain its name and charter.
“We are excited to join forces with the North Shore team and expand our presence into the Waukegan market,” Phil Richard, Brookfield’s president and CEO, said in the release. “We will continue to provide the same level of service that customers are accustomed to receiving and look forward to broadening the banking products and services that North Shore can offer its clients.”
Olsen Palmer and Vedder Price advised NSTS. Angkor Strategic Advisors and Barack Ferrazzano Kirschbaum & Nagelberg advised Brookfield.