LincolnWay Community Bank Announces Sale to CoVantage Credit Union
The Barack Ferrazzano Financial Institutions Group served as legal counsel to LincolnWay Community Bank, a wholly-owned subsidiary of LWCBancorp, Inc., in its sale of substantially all of its assets and liabilities to CoVantage Credit Union.
The purchase is targeted for completion during the fourth quarter of 2022, at which time CoVantage will have $3 billion in assets with 500 employees in Wisconsin, Michigan, and Illinois. Plans are being made to combine the staff, assets, loans, and other accounts of the $277 million LincolnWay Community Bank into the $2.7 billion CoVantage Credit Union.
LincolnWay Community Bank CEO Mark Stevens said in a statement, “CoVantage Credit Union is a high-performing, growing, and successful community-minded organization. We chose to partner with CoVantage because its culture, leadership, and commercial real estate lending all align very closely with ours. Our customers can feel confident that this partnership only strengthens our ability to serve them in the manner they have come to expect from LincolnWay. We are excited and honored to be part of their promising future.”
Barack Ferrazzano’s legal team was led by Financial Institutions Group co-chair Robert M. Fleetwood, partner Abdul R. Mitha and associate Neil R. Patel. Executive compensation and benefits were handled by partner Donald L. Norman, Jr. and associate Alex Freund.
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