CIB Marine Bancshares (CIBH) in Waukesha, Wis., has agreed to buy a mortgage lender in suburban Chicago.
The $465 million-asset CIB Marine plans to buy Avenue Mortgage in Naperville, Ill., it announced Monday. Financial terms of the sale were not disclosed.
Avenue had assets of $9 million as of Dec. 31 and lends mostly in suburban Chicago. Under the deal, it would transfer certain assets and liabilities to, and become a division of, CIB's CIBM Bank subsidiary.
"We have been looking to acquire a mortgage lending company as a component of our strategy to improve performance and build value," Charles Ponicki, president and chief executive of CIB Marine, said in a news release. "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."