Tuesday, November 13, 2012

Nebraska Bank to Acquire Tiny Credit Union

Credit Union Journal is reporting that First York Ban-Corp of York, Nebraska has agreed to acquire tiny Glenvil Cooperative Credit Union of Glenvil, Nebraska in a rare acquisition of a credit union by a bank.

The $3 million-asset Glenvil approached First York about acquiring it. The credit unions was having problems hiring management.

Glenvil Cooperative is a single branch credit union that has reported small losses four years in a row and was undercapitalized with a net worth ratio of 5.4 percent as of September 30.

The deal requires approval from the Nebraska Department of Banking and Finance, the FDIC, the Federal Reserve, and the NCUA.
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