CHICAGO and WORTH, Ill., April 24, 2017 /PRNewswire/ -- Hoyne Savings Bank, an Illinois-chartered savings bank ("Hoyne") and a wholly-owned subsidiary of Hoyne Financial Corporation, which in turn is wholly owned by Hoyne Savings, MHC, today announced that the completion of the merger of Prospect Federal Savings Bank, a federally-chartered mutual savings bank ("Prospect")with and into Hoyne occurred on April 21, 2017. Prospect's banking business will now be operated as a division of Hoyne Savings Bank. With the completion of the merger, the combined institution has consolidated assets of approximately $500 million, $86.0 million in equity, and operates a network of eight branches throughout the Chicagoland area.
"We are pleased to welcome Prospect's customers and employees to our Bank", said Ralph Carstensen, Hoyne Savings Bank's Chief Executive Officer. "We are excited to expand our footprint in the greater Chicagoland market. We look forward to providing our new customers with continued exceptional service and banking products, supported by our growing team that now includes Prospect's banking professionals."
Steven F. Rosenbaum, the President of Prospect Federal Savings Bank, will join Hoyne as the President and Chief Operating Officer and will become a member of the Boards of Directors of Hoyne Savings Bank, Hoyne Savings, MHC and Hoyne Financial Corporation.
"The Board and management of Hoyne Savings Bank and Prospect are delighted to have successfully completed this strategic merger and look forward to serving our customers with the excellent customer service and expanded products they have come to expect," stated Steven Rosenbaum, the new President of Hoyne Savings Bank.
This partnership combines two mutual organizations with very similar cultures and core values. The merger also allows the combined savings bank to offer enhanced benefits such as increased lending capacity, a larger network of branches, and continue each bank's legacy of providing customer service built on relationships of trust, integrity and personalized service. This merger represents a strong financial, strategic and cultural fit and bolsters both banks' capacity and presence in the Chicago marketplace.
The law firm of Silver, Freedman, Taff & Tiernan LLP acted as legal counsel for Hoyne Savings Bank. The law firm of Vedder Price P.C. acted as legal counsel for Prospect Federal Savings Bank. Financial advisory services for the transaction were provided by RP Financial LC.
Hoyne Savings Bank:
Founded in 1887, Hoyne Savings Bank is an Illinois-chartered savings bank serving the residents, businesses and communities in the greater Chicagoland area from offices in Chicago, Worth, Oak Lawn, Wheeling and Woodstock. For more information, visit online at www.hoyne.com or call 773-283-4100.
SOURCE Hoyne Savings Bank