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, CEO and president of parent company CIB Marine Bancshares Inc.
Avenue was founded by current President and CEO David Pendley in 1989. It serves the suburban Chicago market and had total assets of about $9 million at the end of 2012. It has about 30 employees and lends $250 million per year.
CIBM Bank has 11 branches in central Illinois, Wisconsin and Indiana.
