Marine Bank Announces Sale to Morton Community Bank
The Barack Ferrazzano Financial Institutions Group served as legal counsel to Marine Bank in its sale to Morton Community Bank which added eleven locations to the footprint of Morton Community Bank and brought the total assets of the employee-owned community bank to about $5.75 billion.
The deal will also include the acquisition of Marine Bancorp, Inc., the holding company of Marine Bank, by Hometown Community Bancorp, Inc, the holding company of Morton Community Bank. The merger is subject to customary closing conditions, including the receipt of regulatory and Marine Bancorp shareholder approvals.
Chris Zettek, President of Marine Bank, said in a statement, “the merger will be a new and exciting chapter for Marine Bank customers and employees. We are looking forward to the opportunities that come with Morton’s employee-owned culture and entrepreneurial spirit. This partnership will allow us to continue to deliver to our customers the highest quality community bank experience possible.”
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 Michael J. Poland and associate Alex Freund. Tax considerations of the transaction were handled by partner Alice Lin.
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