Hoyne Savings to merge with Loomis
by CYRYL JAKUBOWSKI
Hoyne Savings Bank has announced that it would merge with the Loomis Federal Savings and Loan Association to create a larger savings bank that will have about $500 million is assets and $90 million in equity to operate nine branches in Chicago.
Hoyne, which has a Jefferson Park location at 4786 N. Milwaukee Ave., will be the main institution that will retain its mutual holding company form of ownership. Loomis members will become members of Hoyne Savings.
The merger is subject to regulatory approval, the approval of the members of Loomis and is expected to close as early as the third quarter of this year, according to a press release. The partnership will allow the combined savings bank to increased lending capacity and a larger branch network, the release said.
"This transaction is a merger of strong, well-capitalized, customer-centric and highly respected institutions," Hoyne president Steven Rosenbaum said. "Both Hoyne and Loomis have a similar culture and take pride in our long traditions of outstanding customer service and community involvement. We are very pleased to have Loomis join with us."
"This strategic partnership will expand resources to the individuals and businesses in our market area. Hoyne and Loomis remain committed to create superior and lasting banking relationships. In addition, this merger will also expand the banks’ deposit and lending capabilities, allowing us to better serve our customers," Loomis president David Opas said.
Rosenbaum will continue to serve as the president and chief operating officer of the bank while Opas will join various boards of directors at Hoyne Savings.
