Transaction Overview

Michigan State University Federal Credit Union announced today it has entered into a definitive agreement to acquire McHenry, IL based McHenry Savings Bank from its parent company McHenry Bancorp, Inc. (OTCPK: MCHN). The transaction is structured as a purchase agreement with Michigan State University Federal Credit Union purchasing substantially all assets and assuming substantially all liabilities of McHenry Savings Bank.

The transaction has been unanimously approved by the boards of directors of both institutions. When finalized, the combined institution will have approximately $8.2 billion in assets, $6.3 billion in loans, $6.7 billion in shares and deposits and will have twenty-six branches throughout Michigan and Illinois. In connection with the transaction, the shareholders of McHenry Bancorp, Inc. will receive approximately $39-$41 in cash for each share of McHenry Bancorp, Inc. common stock, subject to adjustment based on the equity value at closing.

About McHenry Bancorp, Inc. & McHenry Savings Bank

McHenry Bancorp, Inc. is the holding company for McHenry Savings Bank, which operates three offices in McHenry County, Illinois. McHenry Savings Bank has served the financial objectives of personal and business clients in McHenry County and surrounding areas since its founding in 1955. The Bank’s service-driven professionals deliver personal service supported by a wide array of technology solutions across banking and wealth management products. Since its recapitalization in 2018, the Bank has built on its “Fair, Clear and Transparent” values to earn the trust of the clients and communities it serves.

About Michigan State University Federal Credit Union

Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 12 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., and has 23 branches, and an additional five in construction, over 350,000 members, $7.61 billion in assets, and more than 1,200 employees.

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Director, Investment Banking

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Brian Flaherty

Vice President, Investment Banking

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