NorthSide Community Bank Announces Sale to Credit Union 1
The Barack Ferrazzano Financial Institutions Group served as legal counsel to NorthSide Community Bank, a wholly-owned subsidiary of AliKat Investments, Inc., in its sale of substantially all of its assets and liabilities to Credit Union 1, the official banking partner of Notre Dame Athletics.
The purchase is targeted for completion during the fourth quarter of 2022 or the first quarter of 2023, at which time Credit Union 1 will have $1.8 billion in assets. Plans are being made to combine the staff, assets, loans, and other accounts of the $311 million NorthSide Community bank into the $1.3 billion Credit Union 1.
“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.”
Barack Ferrazzano’s legal team was led by Financial Institutions Group co-chair Robert M. Fleetwood, partner Abdul R. Mitha and associates Neil R. Patel and Zoe Xiuha Uvin. Executive compensation and benefits were handled by partner Donald L. Norman, Jr. and associate Alex Freund.
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