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Northern States Financial Corp. (NSFC) |
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CEOCFO Current
Issue |
Northern States Financial Corp recently
acquired Round Lake Bankcorp, which will add a 110 million dollars in assets from their
two locations in Illinois The Northern States Financial Corporation (NSFC) is a
$636 million bank holding company for the Bank of Waukegan, which serves portions of
northeastern Illinois and southeastern Wisconsin. As a full service commercial bank,
the bank attracts deposits; makes commercial, real estate and consumer loans; and
operates mortgage banking and trust businesses. “Northern
States is a one-bank holding company with assets at about six hundred and fifty million
dollars.” Mr. Fred Abdula Chairman and President of Northern States Financial
Northern States Financial Corp. points out that, “The bank has
been in business for about 45 years and is a profitable business. Our numbers are good,
earning about 7.5 million dollars since 2002.” Sharing some thoughts on the
benefits of the banks most recent Mr. Abdula tells us, “We acquired Round Lake Bankcorp, Inc. and its wholly-owned
subsidiary, First State Bank of Round Lake last Thursday, which was September 11th. It is
a profitable bank that is a mirror to our bank with two locations and a full staff. We are
very pleased to have the opportunity to purchase it. Northern States will add a hundred
and ten million dollars in assets from these two locations.” Asked to comment
on what customers are finding at Northern States Financial that they can’t find
anywhere else, Mr. Abdula says, “Our
customers receive good treatment here. If they need loans, we will do that; if they want
to deposit money or need trust services, we have that also. We have Internet banking and
about everything a customer would want. That is how we keep our customers and get new
ones.” Addressing potential investors and why they should consider Northern
States Financial Corporation, Mr. Abdula states, “You cannot get much with the Money Market rates now. Our dividends
are paying 3.5% and many investors buy stock for the three-and-a-half percent dividend
that they get. If you invest in CDs, you get one-and-a-half percent. Plus, our bank stock
appreciates, and is now selling for about twenty times earnings.” Much of the Company’s performance over the years
is attributable to its location at the seat of Lake County, Illinois, the wealthiest
county in the state and long among the fastest growing in population, construction, retail
activity and corporate headquarter sites for suburban Chicago. Branch expansions and new
product introductions also have enriched the professional service that is a hallmark of
the Bank. Bank of Waukegan is a community bank. It is managed
by a strong local board and its management team is made up of experienced bankers, many
with more than 20 years of service to the bank. As a full service commercial bank, they
provide their customers with a complete line of loan, deposit and cash management
services. As a community bank, they attempt to get to know their customers, so that they
can provide them with the very best products and services to meet their unique needs. That
is why at the Bank of Waukegan’s motto is, Our
Most Important Customer Is You. |
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