Indiana Regulator Approves Bank's Acquisition of CU

Credit Union Times is reporting that Indiana's Department of Financial Institutions on January 24 approved the application of Adams County Farm Bureau Cooperative (Monroe, IN) to merge with First Bank of Berne (Berne, IN).

The transaction first required the privately-insured credit union to convert from a state-chartered credit union into a state-chartered mutual savings bank.

Immediately after that application was approved, the Indiana regulator approved the application First Bank of Berne for the converted credit union to merge into the bank.

This is the first Indiana credit union to be acquired by a bank.