A planned credit union acquisition of a community bank in Illinois will not go through, according to S&P Global.

Details: While Gurnee, Ill.-based Northside Community Bank's sale to Rantoul, Ill.-based CU 1 received FDIC approval, the deal "will not consummate,” according to the agency. The transaction was announced in June 2022.

Recent Op-ed: In a recent American Banker op-ed, ICBA Chairman Derek Williams said policymakers should take a closer look at credit union acquisitions of community banks, which are fueled by bad federal policies that have expanded credit unions' authority over the decades.

More: Additional information and resources on the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions are available on the ICBA website.