BizTimes Money: CIBM to acquire Illinois bank

Waukesha-based CIBM Bank plans to acquire certain assets and liabilities of Avenue Mortgage Corporation in Naperville, Ill.

 

Avenue will be operated as a division of CIBM, following regulatory approval of the transaction.

“We have been looking to acquire a mortgage lending company as a component of our strategy to improve performance and build value. The acquisition of Avenue’s employees, in addition to its pipeline and infrastructure, will allow us to execute our strategy with a strong manager and experienced staff,” said Charles Ponicki, chief executive officer and president of parent company CIB Marine Bancshares Inc.

For more, read the BizTimes Money Weekly.

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