Northside Community Bank, CU 1 deal will not close despite regulatory approval

Gurnee, Ill.-based Northside Community Bank's sale to Rantoul, Ill.-based CU 1 secured approval from the Federal Deposit Insurance Corp., but the deal will not close, according to the agency's website.

The transaction, which was announced over a year ago on June 3, 2022, was granted FDIC approval, but the agency's website says the deal "will not consummate."

CU 1 and Northside Community Bank did not reply to requests for comment prior to publication.