The transaction is pending receipt of concerned regulatory approvals as well as satisfying standard acquisition conditions, although no time frame of closing the transaction has been revealed by the parties.
CIB Marine president & CEO Charles Ponicki said that the company was seeking suitable opportunity to purchase a mortgage lending firm as a part of its 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," Ponicki added.
Established 20 years ago, Avenue operates as a mortgage banking company and trades mainly in the suburban Chicago market and had total assets of nearly $9m, as 31 of December 2012.
CIB Marine Bancshares is the holding company for CIBM Bank, which manages 11 banking offices in Central Illinois, Wisconsin and Indiana.
