Overview
The BFKN Financial Institutions Group acted as legal counsel to Freeport Bancshares, Inc. in the sale of Midwest Community Bank (“MCB”) and its subsidiary Blueleaf Lending, LLC (“Blueleaf”) in connection with their acquisition by GreenState Credit Union (“GreenState”).
GreenState will purchase substantially all of the assets and assume substantially all of the liabilities of MCB and Blueleaf, including all of their full-service banking locations as well as their loan production offices in and around the Chicagoland area.
“When we set out to find a potential partner, we wanted one that matched up well with our core value of nurturing long-term customer relationships,” Mark and Todd Wright, Midwest’s co-CEOs, recently stated. “We found that alignment with GreenState Credit Union. Together we will be able to do great things for our staff, our customers, and the communities we serve.”
BFKN’s team was led by Abdul R. Mitha, Robert M. Fleetwood, and Neil R. Patel. Executive compensation and benefits were handled by Andrew K. Strimaitis.
To learn more about this transaction, visit:
- https://www.greenstate.org/press-release/october-25-2021-greenstate-credit-union-and-midwest-community-bank-announce-strategic-acquisition.html
- https://www.americanbanker.com/creditunions/news/why-an-iowa-credit-union-is-venturing-out-of-state-to-buy-banks
Midwest Community Bank
Midwest Community Bank was chartered in 1965. It has over a 50-year history of providing an outstanding experience for its customers and prides itself on the creation of that experience through its commitment to their success and enabled by very customized and tailored solutions, with technology and systems not as typical for a Community Bank. The bank is owned by brothers and partners, Mark and Todd Wright, who have also served as its Co-CEO’s for more than 24 years together.
GreenState Credit Union
Established in Iowa in 1938, GreenState (www.greenstate.org) is one of the largest credit unions in the Midwest with just over $8 billion in assets and 350,000 members. It offers deposits, loans, insurance, wealth management, commercial and trust services for its members. For the last 10 years, it has ranked in the top 1% of all U.S. financial institutions for returning profits to its members in the form of better rates and fewer fees (source: Callahan and Associates). GreenState has 24 branch locations serving members in Iowa, Illinois, Wisconsin, Nebraska and South Dakota.