LOMBARD, IL and GURNEE, IL – June 3, 2022 – Credit Union 1 (“CU1”), the official Credit Union of Notre Dame Athletics, announced today that it has entered into an agreement to purchase substantially all the assets and liabilities of NorthSide Community Bank (“NorthSide”), a wholly-owned subsidiary of AliKat Investments, Inc., which has four locations in northern Illinois.
While the agreement is contingent on obtaining required regulatory approvals and NorthSide shareholder approval, the proposed transaction has been unanimously approved by the boards of directors of both organizations. Plans are being made to combine the staff, assets, loans, and other accounts of the $311 million NorthSide Community bank into the over $1.3 billion CU1. When the purchase is complete, which is targeted for the fourth quarter of 2022 or the first quarter of 2023, CU1 will have approximately $1.8 billion in assets.
Todd Gunderson, President & CEO of CU1, stated, “We are excited about the commercial lending expertise NorthSide represents. Patti Clausen, Jim Randall, and the entire NorthSide leadership team have fostered a customer centric culture that aligns and brings value to the entire Credit Union 1 business banking platform”. “We are excited to be able to serve more members by expanding our footprint in the northern Chicago suburbs, this acquisition for CU1 in the Chicagoland area perfectly complements our strategy of organic membership and asset growth through expanded products, services, and technologies”.
“We chose to partner with Credit Union 1 because its culture, leadership and lending culture all align very closely with ours,” said NorthSide President & CEO Patti Clausen. “With the size and scale Credit Union 1 adds it not only strengthens our ability to serve our existing customers in the manner that they have come to expect but also allows us to increase the number of businesses that we can help grow across the new combined partnership. We are excited to be a part of that promising future.”
Raymond James & Associates, Inc. served as financial advisor and Honigman LLP served as legal advisor to Credit Union 1. Hillworth Bank Partners served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to AliKat Investments, Inc.