JOLIET, Ill.—The $850-million NuMark Credit Union here has agreed to buy $53-million Lemont National Bank, based in Lemont, Ill., the CU reported.
The agreement marks the second CU purchase of a bank in 2025.
The board of directors of Lemont National Bank and NuMark Credit Union have unanimously approved the transaction. The transaction is subject to customary closing conditions, including receipt of shareholder and regulatory approvals and is expected to close in the second half of 2025.
When the purchase is complete NuMark will increase its footprint to a total of 15 branches.
“We are excited for the opportunity to partner with The Lemont National Bank and look forward to welcoming their customers and employees into our family,” said Lloyd Fredendall, president and CEO of NuMark. “It is clear to us that our organizations share a common vision in that we are both invested in the importance of putting people and community first in all that we do.”
“NuMark Credit Union is a high-performing, growing, and successful organization that has demonstrated a commitment to enriching the financial lives of its members and a passion to serving its communities,” said Hercules Bolos, chairman, president and CEO of Lemont. “We are extremely excited to have found a partner that will continue to serve our customers in a manner they have come to expect from The Lemont National Bank.”
McQueen acted as financial advisor to NuMark Credit Union and Luse Gorman, PC acted as its legal advisor in the transaction. Olsen Palmer LLC served as financial advisor to The Lemont National Bank and Lemont Bancorp, Inc. and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as its legal advisor.
The pioneer of CU purchases of banks, Michael Bell, said he is not surprised the second deal of the year happened in Illinois.
“The upper Midwest is a very active place and I am aware of at least 10 opportunities like this one. Expect to see more announcements in general but certainly more in the upper Midwest in the near future,” said Bell, who has been part of more than 65 whole-bank agreements, plus additional bank branch purchases