Friday, July 29, 2016

Advia Credit Union's Acquisition of Mid America Bank to Close on August 1

Advia Credit Union (Parchment, MI) announced that it has received official approval to acquire Janesville-based, WI Mid America Bank.

In February of this year, the Board of Directors of Advia Credit Union announced that they had signed a definitive agreement to acquire Mid America Bank.

The acquisition will be completed on August 1 when Advia’s field of membership is expanded to include the following counties, serving anyone who works or lives in: Dane (WI), Milwaukee (WI), Waukesha (WI), Jefferson (WI), Green (WI), Rock (WI), Walworth (WI), and Winnebago (IL).

Read the press release.
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4 comments:

  1. AnonymousJuly 29, 2016 at 3:52 PM

    How common is it for banks to get acquired by credit unions? Has it become more common in recent years?

    ReplyDelete
    Replies
    1. Keith LeggettJuly 30, 2016 at 8:45 AM

      While a credit union acquisition of a bank remains rare, it has become more common in recent years.

      I believe the number of banks to be acquired by credit unions is around 10.

      Delete
  2. AnonymousAugust 2, 2016 at 6:57 AM

    Is there a regulation stopping a bank from acquiring a credit union?

    ReplyDelete
    Replies
    1. Keith LeggettAugust 2, 2016 at 7:26 AM

      NCUA regulations permit a bank to acquire a credit union. However, the rules are very burdensome. Check out my November 10, 2015 post.

      http://creditunionwatch.blogspot.com/2015/11/ncuas-regulations-stymie-credit-union.html

      Delete

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