GreenChoice Holding Co. Inc. in Chicago has completed its acquisition of Family Federal Savings of Illinois in Cicero.
As a mutual, the $57 million-asset Family Federal had to go through a voluntary supervisory conversion to a stock institution, a rarely used method of saving critically undercapitalized mutuals, before GreenChoice could make its investment.
Newport Capital Bancorp LLC of Newport Beach, Calif., a minority-owned investment fund, announced Monday that it had invested an unspecified amount to help GreenChoice complete the deal.
