Announces Intended Acquisition of NorthSide Community Bank
Advia is excited to announce growth in Illinois – bringing additional opportunities to members in northeastern Illinois. The Board of Directors of Advia Credit Union announced that it has signed a definitive agreement to acquire NorthSide Community Bank, headquartered in Gurnee, Illinois, with branches in Gurnee, Mundelein, Niles and Riverwoods.
“We are excited to welcome the customers of NorthSide Community Bank as members of Advia Credit Union,” said Jeff Fielder, Advia's President and CEO. “At Advia, our mission is to provide financial advantages to those we serve. NorthSide has a very talented team, and we are excited to have them join ours – growing stronger together. As an organization, we are dedicated to advancing lives in our communities and look forward to being an even stronger contributor within Illinois through outreach and volunteerism.”
With this acquisition, Advia will serve approximately 200,000 members with thirty-two (32) branches in Michigan, Illinois, and Wisconsin. In Illinois, there will be a total of seven (7) branches in Gurnee, Mundelein, Niles, Riverwoods, Crystal Lake, Cary, and Woodstock. In Wisconsin, Advia has six (6) branches throughout Beloit, Janesville, Williams Bay, Elkhorn, and Silver Lake. Advia also has a total of twelve (12) branches in West Michigan and another seven (7) in Eastern Michigan.
“We are very pleased with the transaction, and we believe NorthSide Community Bank’s customers, employees, communities and shareholders will all benefit,” said Patti Clausen, President and CEO of NorthSide Community Bank. “Advia is well positioned to competitively meet the financial needs of both our commercial and consumer customers.”
The transaction, which is subject to regulatory and shareholder approval, and is expected to be completed in the third quarter of 2024, further strengthens Advia’s position within its service area in Illinois, Wisconsin, and Michigan. Currently ranked in the top 3 percent in the nation among credit unions in terms of asset size, Advia will have over $3 Billion in assets and over 550 employees. Founded in 1935, Advia has been serving members for nearly 90 years.
“Advia continues to grow stronger and is well positioned for serving members throughout our multi-state region,” added Fielder. “As a member-owned, not-for-profit financial cooperative, we offer lower cost financial products and services in our communities and give back to our member-owners in the form of better technology, innovative services and excellent deposit and loan rates. We are focused on building long-lasting, rewarding relationships with our members, helping them save more and enjoy easy access to financial services.”
In addition to its branch locations, Advia also participates in shared branching networks nationally and provides over 35,000 Surcharge-Free ATM locations through CO-OP Network, Alliance One Network and select additional retail outlets in Michigan and Wisconsin.
Advisors – Abdul Mitha of Barack Ferrazzano served as NorthSide Community Bank’s legal advisor. Clark Locke of Hillworth Bank Partners served as NorthSide Community Bank’s financial advisor. Michael Bell of Honigman LLP served as Advia’s legal advisor. Jay Wilson of Mercer Capital served as Advia’s financial advisor.
About Advia Credit Union - Advia Credit Union’s mission is to provide financial advantages to its members. With nearly $3 Billion in assets, Advia seeks to provide the quickest and easiest solutions available to maximize the financial value to nearly 200,000 members in Michigan, Wisconsin, and Illinois. Advia’s team of 500 professionals delivers excellent service and innovative financial products at 28 locations and via digital and mobile platforms. Advia is guided by its core values: driving progress, acting with integrity, building and strengthening relationships and keeping people at the core. Learn more by visiting www.adviacu.org.
About NorthSide Community Bank – NorthSide Community Bank opened in 1997 and has grown to approximately $255 Million in assets, with 35 employees and four locations in Gurnee, Riverwoods, Mundelein, and Niles, IL. The bank offers a complete product line of commercial loans and services, in addition to a compliment of retail and loan products, specializing in serving small to medium sized businesses. For more information, visit www.nscombank.com.