Overview
The BFKN Financial Institutions Group served as legal counsel to NorthSide Community Bank ("NorthSide"), in its purchase and assumption agreement with Advia Credit Union ("Advia"), whereby Advia will acquire substantially all of NorthSide’s assets and liabilities.
Founded in 1997, NorthSide had $267 million in total assets and $207.7 million in total deposits with net income of $1.4 million, according to its third quarter 2023 financial report to the FDIC. With this acquisition, Advia will serve approximately 200,000 members with thirty-two branches throughout Michigan, Illinois, and Wisconsin.
“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. “Advia is well positioned to competitively meet the financial needs of both our commercial and consumer customers.”
BFKN’s legal team was led by partners Abdul R. Mitha and Joseph T. Ceithaml. Executive compensation & benefits were handled by partner Donald L. Norman, Jr. and associate Alex Freund.
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