Monday, May 8, 2017

Two Credit Unions Announce Deals to Buy Banks

On May 5, two separate deals were announced regarding a credit union acquiring a bank.

Honor Credit Union of Berrien Springs, Michigan has agreed to buy the assets and liabilities of Citizens State Bank of Ontonagon (Michigan).

Citizens State Bank of Ontonagon has three offices. The bank has $52.8 million in assets and $46.1 million in deposits, according to its most recent Call Report.

Honor Credit Union has 19 offices and $734.9 million in assets.

In another deal, Trona Valley Community Federal Credit Union, Green River, Wyoming and State Bank, Green River, Wyoming jointly announced the execution of an Asset Purchase and Liability Assumption Agreement whereby Trona Valley Community Federal Credit Union will acquire substantially all of the assets and assume substantially all of the liabilities of State Bank.

Trona Valley Community Federal Credit Union has approximately $181 million in assets, while State Bank has $37 million in assets.

This acquisition will result in a credit union with over $218 million in total assets.

The price of each deal was not disclosed.

Both mergers are pending regulatory and shareholder approvals.

Read the Honor CU acquisition story.

Read Trona Valley Community FCU merger story.

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