CIB Marine Bancshares, located in Waukesha, Wis., has agreed to buy Avenue Mortgage in Naperville, Ill., the American Banker reports.

Avenue had assets of $9 million as of Dec. 31, which under the deal would transfer certain assets and liabilities to the $65 million-asset CIB Marine. 

"We have been looking to acquire a mortgage lending company as a component of our strategy to improve performance and build value," Charles Ponicki, president and chief executive of CIB Marine, said. "The acquisition of Avenue's employees, in addition to its pipeline and infrastructure, will allow us to execute our strategy with a strong manager and experienced staff."