We are sharing some very exciting news. Oxford Bank & Trust and GreenState Credit Union have announced they have entered into a purchase and assumption agreement. As you are aware, Oxford Bank & Trust is a family-owned bank and, while this news may seem shocking, this sale will only serve to enhance and promote the products we currently offer in a larger geographic market. GreenState Credit Union shares our core values and their intent in buying Oxford Bank & Trust is to help grow our presence in the manufactured housing arena.
We want to assure you that the exceptional service you have grown to expect from our bank will not change! Services such as direct lines, calls being answered promptly and quick underwriting decisions will all continue. Hands-on fundings will happen in the same expedient manner. We will continue operating in Oak Brook, IL with the same staff that we currently have in place for you.
GreenState Credit Union is one of the nation’s largest credit unions with $7.1 billion in assets. Located in North Liberty, IA, they have been ranked in the top 1% of all U.S. financial institutions for the last 10 years. As GreenState Credit Union we will be able to thrive more than ever before in the manufactured housing market. We expect this sale to be completed in the fourth quarter of 2021, after approval by the regulatory entities.
As you already know we, at Oxford Bank & Trust, are passionate about manufactured housing lending. It is our honor to share this news about GreenState Credit Union. With their backing and your support this program will be the premier product in manufactured housing lending for many years to come.