Wednesday, August 14, 2019

Indiana Members CU to Acquire Commerce Bank

Indiana Members Credit Union (Indianapolis, IN) and First Light Bancorp, Inc. (Evansville, IN), the holding company of Commerce Bank, announced today that they have signed a definitive purchase and assumption agreement whereby Indiana Members CU will acquire the assets and assume the liabilities of Commerce Bank in an all cash transaction.

Under the terms of the purchase and assumption agreement, First Light Bancorp estimates that its stockholders will receive between $11.25 and $11.40 in cash consideration for each share of First Light Bancorp common stock.

Indiana Members CU has over $2 billion in assets. Commerce Bank has $195.8 million in assets.

The transaction has been unanimously approved by the board of directors of both institutions and is expected to close in the first quarter of 2020, subject to customary closing conditions, and the approval of First Light Bancorp’s stockholders and regulators.

Read the press release.
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