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.
How common is it for banks to get acquired by credit unions? Has it become more common in recent years?
ReplyDeleteWhile a credit union acquisition of a bank remains rare, it has become more common in recent years.
DeleteI believe the number of banks to be acquired by credit unions is around 10.
Is there a regulation stopping a bank from acquiring a credit union?
ReplyDeleteNCUA regulations permit a bank to acquire a credit union. However, the rules are very burdensome. Check out my November 10, 2015 post.
Deletehttp://creditunionwatch.blogspot.com/2015/11/ncuas-regulations-stymie-credit-union.html