Chicago, IL, July 22, 2010 --(PR.com
)-- GreenChoice Holding Company, Inc. Completes Acquisition of Family Federal Savings
Will Rebrand for Sustainable Community Banking later in 2010.
The management team of GreenChoice Bank, which will be the Midwest’s first holistically green community bank dedicated to offering consumers and businesses a better, values-based choice for banking services, announces that GreenChoice Holding Company, Inc. has completed the acquisition of the 100-year-old Family Federal Savings of Illinois.
Family Federal, founded in 1910, has locations in Cicero and Lockport, Ill. GreenChoice, a certified B Corporation, will continue to serve Family Federal’s communities through its existing branch network. GreenChoice Bank also plans to open its LEED Platinum flagship location later at Green Exchange, the country’s largest self-contained, green business community that is planned to open at Diversey and the Kennedy Expressway in Chicago.
GreenChoice Bank’s leadership team, consisting of Leadership in Energy & Environmental Design Accredited Professionals (LEED AP), will infuse green technologies and sustainable best-practices into Family Federal’s existing structure. They plan to rebrand as GreenChoice Bank later in 2010. Until that time, the bank will continue to operate as Family Federal. The acquisition will provide GreenChoice Bank with its first physical presence since receiving OTS approval of its application for a de novo federal savings bank charter from the OTS in June 2009.
“Our acquisition and recapitalization of Family Federal will allow us to serve the Chicago area in new ways as a bank that is conscious about more than your money,” said Harold L. Sherman, president and chief executive officer. “We are proud to have acquired Family Federal and to continue its 100-year-old tradition of serving Chicagoland, America’s greenest city.”
The transaction was completed through a rarely used method of recapitalizing a mutual savings bank called a voluntary supervisory conversion. The last time such transaction was completed in Illinois in the early 1990’s. Michael Iannaccone of MDI Investments, Inc. assisted in bringing this transaction to fruition. GreenChoice’s private placement stock offering was oversubscribed. “This capital infusion gives our bank excess capital and the ability to lend when most banks are shrinking their balance sheets and not actively providing small business credit,” said Jon A. Levey, LEED AP and chief lending officer.
The Bank’s management team has more than 75 years of Chicago area banking experience and also includes Steve Sherman, LEED AP and chief operating officer, and Kenneth Kline, chief financial officer.
For more information regarding GreenChoice Bank or Family Federal Savings of Illinois, including its business philosophy, services and green approach to banking, please visit www.greenchoicebank.com.
GreenChoice Bank will be the first holistically green community bank in the Midwest, offering a better choice in banking to consumers and businesses through a relationship-driven approach. It will use contemporary sustainability and green best-practices to provide financial products and services to individuals and businesses. GreenChoice Bank’s flagship location will open at Green Exchange, 2545 W. Diversey Ave. in Chicago. It is located online at www.greenchoicebank.com.