Overview
Barack Ferrazzano served as legal counsel to Brookfield Bancshares, Inc. (“Brookfield”), the holding company for First National Bank of Brookfield (“FNBB”), in connection with its execution of a definitive merger agreement to acquire NSTS Bancorp, Inc. (Nasdaq: NSTS) (“NSTS”), the holding company for North Shore Trust and Savings (“North Shore”), in an all-cash transaction valued at approximately $73.7 million.
Under the terms of the merger agreement, unanimously approved by the boards of directors of both companies, NSTS stockholders will receive approximately $14.28 in cash for each share of NSTS common stock. Following closing, North Shore will continue to operate under its existing
name and federal savings association charter as a subsidiary of Brookfield. Upon completion, the combined organization will operate four branches in the Chicago-Naperville-Elgin MSA with aggregate assets of over $600 million. The transaction is expected to close in the fourth quarter of 2026, subject to required regulatory approvals, NSTS stockholder approval, and other customary closing conditions.
“We are excited to join forces with the North Shore team and expand our presence into the Waukegan market,” said Phil Richard, President & CEO of FNBB. “We will continue to provide the same level of service that customers are accustomed to receiving and look forward to broadening the banking products and services that North Shore can offer its clients.”
Barack Ferrazzano’s legal team was led by Financial Institution Group partner Abdul R. Mitha, along with Zoe Xiuha Uvin. Executive compensation and benefit matters were handled by partner Michael J. Poland.
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