Thursday, October 31, 2013

Maryland Regulator Approves CU Purchase of Bank

Mark Kaufman, Maryland Commissioner of Financial Regulation, today announced his approval for the purchase and assumption of the assets and liabilities of Advance Bank by Municipal Employees Credit Union (MECU) of Baltimore.

Advance Bank, a federally-chartered mutual savings bank located in Baltimore, Maryland, has two branches and total assets of approximately $54 million.

Credit Union Times is reporting that more than two-thirds of Advance’s customers either live or work in the city of Baltimore, making them automatically eligible for MECU membership. The credit union plans to pay the $5 membership fee for Advance members to become MECU members.

However, for the one-third of Advance’s customers who don’t already qualify to join the cooperative, the credit union stated that it will pay their $5 fee for them to become members of the American Consumer Council, which would make them automatically eligible to become MECU members.

Read the press release.

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