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North Liberty, Iowa-based GreenState CU entered into a purchase and assumption agreement with Freeport, Ill.- based Midwest Community Bank and subsidiary Blueleaf Lending LLC.

Pursuant to the agreement, GreenState will purchase substantially all of the assets and assume substantially all of the liabilities of Midwest Community and Blueleaf Lending, including all of their full-service banking locations and loan production offices in and around the Chicagoland area.

The financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter o...