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McHenry Bancorp Inc (MCHN) is a holding company for McHenry Savings Bank, which serves personal and business clients in McHenry County, Illinois. Founded in 1955, the bank offers a wide array of technology solutions across banking and wealth management products. Since its recapitalization in 2018, McHenry Savings Bank focuses on providing fair, clear, and transparent services to earn the trust of its clients and communities.
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McHenry Bancorp, Inc. (MCHN) held a Special Shareholder Meeting to vote on the sale of assets and liabilities to Michigan State Federal Credit Union. The approval was granted, and the dissolution of the company is pending regulatory approvals for a late 1Q24 transaction.
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Michigan State University Federal Credit Union (MSUFCU) has entered into a definitive agreement to acquire McHenry Savings Bank from McHenry Bancorp, Inc. The transaction will result in the combined institution having approximately $8.2 billion in assets, $6.3 billion in loans, and $6.7 billion in shares and deposits. McHenry Bancorp, Inc. shareholders are expected to receive approximately $39-$41 in cash for each share of common stock. The acquisition will help MSUFCU grow its presence in the Chicago market and diversify its assets. McHenry Savings Bank customers will have access to MSUFCU's product and service offerings. The transaction is anticipated to be completed in late Q1 2024, subject to regulatory approvals and other closing conditions.
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FAQ
What is the current stock price of MCHENRY BANCORP (MCHN)?
The current stock price of MCHENRY BANCORP (MCHN) is $36.25 as of August 22, 2024.
What is the market cap of MCHENRY BANCORP (MCHN)?
The market cap of MCHENRY BANCORP (MCHN) is approximately 33.8M.
When was McHenry Savings Bank founded?
McHenry Savings Bank was founded in 1955.
What values does McHenry Savings Bank focus on?
Since its recapitalization in 2018, the bank focuses on providing fair, clear, and transparent services.
What kind of clients does McHenry Savings Bank serve?
McHenry Savings Bank serves the financial objectives of personal and business clients in McHenry County and surrounding areas.
What services does McHenry Savings Bank offer?
The bank offers a wide array of technology solutions across banking and wealth management products.
What is the relationship between McHenry Bancorp Inc and McHenry Savings Bank?
McHenry Bancorp Inc is the holding company for McHenry Savings Bank.
What is the recent news related to McHenry Bancorp Inc?
McHenry Bancorp Inc held a Special Shareholder Meeting to vote on the sale of assets to Michigan State Federal Credit Union as part of a Purchase & Assumption Agreement.
How does McHenry Bancorp Inc plan to proceed with the sale of assets?
The Company expects to close the Purchase & Assumption Agreement following the completion of regulatory approvals and a 30-day customer notice period.
MCHENRY BANCORP INC