McHenry Bancorp

About McHenry Bancorp

In 1955, a new financial institution, initially known as McHenry Savings and Loan Association, opened its doors in McHenry County, Illinois. For decades, it operated as a classic community bank, deeply embedded in its local area, eventually becoming McHenry Savings Bank in 1985. The playbook was straightforward: serve the financial needs of individuals and businesses in the community with a personal touch. Key figures like co-owners Jim and Kathy Marinangel embodied this ethos, leading the bank for much of its long history. The modern story, however, pivots to 2018. The bank underwent a significant turnaround with a $23 million recapitalization led by CEO Donald Wilson. This strategic move strengthened the bank's foundation and set a new course based on values of being "Fair, Clear and Transparent." This new chapter culminated in a major liquidity event. On August 28, 2023, Michigan State University Federal Credit Union (MSUFCU) announced it would acquire McHenry Savings Bank from its holding company, McHenry Bancorp, Inc. The deal represented a significant outcome for shareholders, who approved the sale in February 2024. By September 2024, the acquisition was complete, merging the small Illinois bank into a large credit union with billions in assets and marking the end of McHenry Bancorp's nearly 70-year run as an independent institution.