Thursday, March 22, 2012

Another Credit Union Acquiring Bank Branches and Deposits

Pacific Crest Federal Credit Union of Klamath Falls, Oregon announced on March 19 that it has executed a purchase and assumption agreement with PremierWest Bank of Medford, Oregon to transfer two PremierWest Bank branches located in Dorris and Tulelake, California, to Pacific Crest Federal Credit Union.

As part of the transaction, a credit union spokesperson said that the credit union will acquire all the deposits and consumers loans at the two branches.

According to Summary of Deposit data for June 2011, the two branches had slightly more than $16 million in combined deposits.

The two branches were scheduled to be closed April 20, 2012. However, it is now expected that the branches will transition to the credit union late in the second quarter.

The deal still requires regulatory approval.

In 2010, Royal Credit Union (WI) acquired the 11 branches and $177 million in deposits from Anchor Bank (WI).

Read the preass release.
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1 comment:

  1. avoiding bankruptcyJuly 8, 2012 at 12:01 PM

    This is what all we need to know, cause economy is a chain system. One action leads to another.

    ReplyDelete

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