NuMark will acquire Lemont’s assets and liabilities in an all-cash deal. Credit: Hananeko_Studio/Shutterstock.

NuMark Credit Union, based in Joliet, Illinois, has signed an agreement to acquire The Lemont National Bank, located in Lemont, Illinous.

This all-cash transaction will see NuMark purchasing nearly all assets and liabilities of Lemont.

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The boards of directors at both NuMark Credit Union and The Lemont National Bank have given unanimous approval to the acquisition.

With over $800m in assets and more than 60,000 members, NuMark Credit Union currently operates across Northeastern Illinois and Chicagoland with 13 branches.

Once finalised, NuMark’s assets will grow to approximately $910m, and its branch network will increase to 15 locations.

Lemont chairman, president and CEO Hercules Bolos said: “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.”

Subject to customary closing conditions, including regulatory and shareholder approvals, the deal expected to close in the second half of this year.

NuMark president and CEO Lloyd Fredendall said: “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.

“It is clear to us that our organisations share a common vision in that we are both invested in the importance of putting people and community first in all that we do.”

Advisory roles in the transaction were filled by McQueen, which served as NuMark Credit Union’s financial advisor, and Luse Gorman, which acted as its legal advisor.

The Lemont National Bank and Lemont Bancorp, Inc received financial advice from Olsen Palmer and legal guidance from Barack Ferrazzano Kirschbaum & Nagelberg.

NuMark Credit Union is federally insured by the National Credit Union Administration (NCUA), ensuring all accounts are protected up to $250,000.

In December 2023, NuMark Credit Union collaborated with MANTL to streamline its in-branch and online account opening processes, enabling members to open accounts across multiple channels at any time.