Sharonview Federal Credit Union (Indian Land, SC) on July 15 entered into an agreement to with the Bank OZK (Little Rokc, SC) to purchase two branches in South Carolina.
The two branches -- Hilton Head Island and Bluffton -- have combined deposits of $107 million and $3 million in loans.
The deal is expected to close in the fourth quarter, pending regulatory approval.
The price tag of the deal was not disclosed, but the bank expects a small gain on the transaction.
After the transaction closes, Bank OZK will have no branch offices in South Carolina.
Read the Sharonview press release.
Read the Bank OZK press release.
Showing posts with label Branch Sales. Show all posts
Showing posts with label Branch Sales. Show all posts
Thursday, July 16, 2020
Monday, March 16, 2020
First Community CU Plans to Buy 3 Branches from Umpqua Bank
First Community Credit Union (Coquille, OR) announced on March 11 that it has entered into a purchase and assumption agreement with Umpqua Bank (Roseburg, OR) to acquire three store (branch) locations in Oregon.
The branch locations included in the transaction are located in John Day, Burns, and Lakeview.
According to the June 2019 Summary of Deposits data, the John Day branch had $28.6 million in deposits, the Burns branch had $32.6 million in deposits, and the Lakeview branch had $37 million in deposits.
The agreement is subject to regulatory approval and is expected to close in June of this year.
The price tag of the transaction was not disclosed.
Read the press release.
The branch locations included in the transaction are located in John Day, Burns, and Lakeview.
According to the June 2019 Summary of Deposits data, the John Day branch had $28.6 million in deposits, the Burns branch had $32.6 million in deposits, and the Lakeview branch had $37 million in deposits.
The agreement is subject to regulatory approval and is expected to close in June of this year.
The price tag of the transaction was not disclosed.
Read the press release.
Thursday, January 16, 2020
Blue FCU to Buy Two Bank Branches and Deposits in Colorado
Blue Federal Credit Union (Cheyenne, WY) has agreed to buy two branches in Colorado from Liberty Savings Bank, FSB (Wilmington, OH).
The $1.1 billion-asset credit union said in a January 14 press release that it will also gain $101 million in deposits and 2,149 customers when it purchases the offices in Denver and Granby.
Blue FCU did not disclose the price of the deal.
The transaction, which was approved by regulators in November, is expected to close in February.
Read the press release.
The $1.1 billion-asset credit union said in a January 14 press release that it will also gain $101 million in deposits and 2,149 customers when it purchases the offices in Denver and Granby.
Blue FCU did not disclose the price of the deal.
The transaction, which was approved by regulators in November, is expected to close in February.
Read the press release.
Thursday, January 9, 2020
Alaska USA to Acquire 7 Arizona Branches from TCF Bank
Alaska USA Federal Credit Union (Anchorage, AK) and TCF National Bank, a subsidiary of TCF Financial Corporation (Wayzata, MN), announced on January 8 that Alaska USA has signed a definitive agreement to acquire TCF Bank’s seven branches located in the greater Phoenix, Arizona market, along with deposits and certain related assets.
As of June 30, 2019, TCF Bank's 7 Arizona branches had $191.5 million in deposits.
Also as part of the agreement, Alaska USA will extend employment offers to all TCF Bank team members who work at the seven branches.
Financial terms of the agreement were not disclosed, and the transaction is expected to close in the second quarter of 2020.
Read press release.
As of June 30, 2019, TCF Bank's 7 Arizona branches had $191.5 million in deposits.
Also as part of the agreement, Alaska USA will extend employment offers to all TCF Bank team members who work at the seven branches.
Financial terms of the agreement were not disclosed, and the transaction is expected to close in the second quarter of 2020.
Read press release.
Sunday, April 21, 2019
STCU to Acquire Branch Customers of Banner Bank
Spokane Teachers Credit Union (STCU), headquartered in Liberty Lake, Washington, is acquiring the Bonner County (ID) customers of Banner Bank (Walla Walla, WA).
According to the most recent summary of deposit data, Banner Bank had one branch in Bonner County at Sandpoint with $20.14 million in deposits.
The deal is pending regulatory approval and is expected to close in August.
All employees of the Banner Bank branch in Sandpoint will be offered employment with STCU.
Price of the deal was not disclosed.
This is not the first deal by STCU. In 2003, the credit union acquired a branch and customers of Wheatland Bank.
Read the press release.
Read intergency bank merger act application.
According to the most recent summary of deposit data, Banner Bank had one branch in Bonner County at Sandpoint with $20.14 million in deposits.
The deal is pending regulatory approval and is expected to close in August.
All employees of the Banner Bank branch in Sandpoint will be offered employment with STCU.
Price of the deal was not disclosed.
This is not the first deal by STCU. In 2003, the credit union acquired a branch and customers of Wheatland Bank.
Read the press release.
Read intergency bank merger act application.
Tuesday, February 5, 2019
Ohio CU Buys Branch and Deposits from United Fidelity Bank
The American Banker is reporting that Superior Credit Union (Lima, OH) has agreed to buy a Cincinnati branch from United Fidelity Bank (Evansville, IN).
The deal includes about $19 million in deposits and an undisclosed amount of assets.
The transaction is expected to close in the second quarter.
Read the story (subscription required).
The deal includes about $19 million in deposits and an undisclosed amount of assets.
The transaction is expected to close in the second quarter.
Read the story (subscription required).
Tuesday, December 4, 2018
Lake Michigan CU to Pay $2.45 Million for Bank's Michigan Branch and Deposits
Lake Michigan Credit Union (Grand Rapids, MI) has entered into a purchase and assumption agreement to buy the Rochester Hills (MI) branch of CCF Bank, the subsidiary of Citizens Community Bancorp (Eau Claire, WI).
The purchase and assumption agreement includes approximately $35 million in deposits and approximately $300,000 in fixed assets.
Lake Michigan CU has agreed to pay a 7 percent deposit premium or approximately $2.45 million.
All loans will remain with CCF Bank.
The purchase is subject to regulatory approvals and is expected to close in the second quarter of 2019.
Read more.
The purchase and assumption agreement includes approximately $35 million in deposits and approximately $300,000 in fixed assets.
Lake Michigan CU has agreed to pay a 7 percent deposit premium or approximately $2.45 million.
All loans will remain with CCF Bank.
The purchase is subject to regulatory approvals and is expected to close in the second quarter of 2019.
Read more.
Friday, September 28, 2018
Jefferson Financial FCU To Buy 3 Branches and Deposits from Synovus Bank
Synovus Financial Corp. (Columbus, GA) and Jefferson Financial Federal Credit Union (Metairie, LA) announced on September 26 that Synovus Bank, a subsidiary of Synovus Financial Corp., has entered into a purchase and assumption agreement to sell two branches in Mobile, Alabama, and one branch in Daphne, Alabama, to Jefferson Financial Federal Credit Union.
The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of $138 million in loans, $107 million in deposits, and other assets associated with two Synovus Bank branches located in Mobile, Alabama, and the one Synovus Bank branch located in Daphne, Alabama, in exchange for a deposit premium of $14,500,000.
The purchase of the branches is subject to regulatory approval and satisfaction of customary closing conditions and is expected to be completed in the first quarter of 2019.
Read the press release.
The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of $138 million in loans, $107 million in deposits, and other assets associated with two Synovus Bank branches located in Mobile, Alabama, and the one Synovus Bank branch located in Daphne, Alabama, in exchange for a deposit premium of $14,500,000.
The purchase of the branches is subject to regulatory approval and satisfaction of customary closing conditions and is expected to be completed in the first quarter of 2019.
Read the press release.
Wednesday, September 26, 2018
Marine CU Receive Regulatory Approval for Acquisition of 10 Bank Branches
Marine Credit Union (La Crosse, WI) announced that it has received regulatory approval to acquire 10 Old National Bank branches in Wisconsin.
The transaction is anticipated to close on October 26, and the branches will open as Marine Credit Union on Oct. 29.
The credit union will acquire approximately 16,000 customers with almost $274 million in deposits.
The branches are in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley, Wisconsin.
Under the terms of the agreement, Marine will acquire approximately $274 million in deposits. Marine also intends to hire all employees who work at the impacted locations.
Read the press release.
The transaction is anticipated to close on October 26, and the branches will open as Marine Credit Union on Oct. 29.
The credit union will acquire approximately 16,000 customers with almost $274 million in deposits.
The branches are in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley, Wisconsin.
Under the terms of the agreement, Marine will acquire approximately $274 million in deposits. Marine also intends to hire all employees who work at the impacted locations.
Read the press release.
Thursday, August 2, 2018
Wings Financial CU Completes Acquisition of 3 Bank Branches
Wings Financial Credit Union (Apple Valley, MN) closed on its purchase of three branches from KleinBank (Chaska, MN).
As part of the transaction, customers at these three branches became members of the credit union.
According to Summary of Deposits data, the three branches had a combined $70.5 million in deposits.
Read the press release.
As part of the transaction, customers at these three branches became members of the credit union.
According to Summary of Deposits data, the three branches had a combined $70.5 million in deposits.
Read the press release.
Monday, April 23, 2018
Marine CU to Buy 10 Branches and Deposits from Old National Bancorp
Old National Bancorp (Evansville, IN) entered into a branch purchase and assumption agreement for the sale of 10 Old National branches in Wisconsin to Marine Credit Union of La Crosse, Wisconsin.
The branch sale includes the assumption of approximately $274 million in deposits and no loans.
The branches are located in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley.
Subject to regulatory approval and other terms and conditions, the sale is expected to close in the third quarter of 2018.
Read the story.
The branch sale includes the assumption of approximately $274 million in deposits and no loans.
The branches are located in Chippewa Falls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, New Glarus, Platteville, Prairie du Chien and Stanley.
Subject to regulatory approval and other terms and conditions, the sale is expected to close in the third quarter of 2018.
Read the story.
Friday, January 19, 2018
Wings Financial CU Buys Three Branches and Depositors from Minnesota Bank
Wings Financial Credit Union (Apple Valley, MN) has agreed to purchase three branches from KleinBank (Chaska, MN).
As part of the deal, the credit union will buy branches in the Minnesota communities of Coon Rapids, Otsego and Plymouth. In addition, 4,500 customer of KleinBank will become members of the credit union.
Roughly $40 million in deposits and $10 million in loans will be transferred to Wings Financial.
Wings Financial did not disclose the price of the deal, which is expected to close in the second quarter.
Read the story.
As part of the deal, the credit union will buy branches in the Minnesota communities of Coon Rapids, Otsego and Plymouth. In addition, 4,500 customer of KleinBank will become members of the credit union.
Roughly $40 million in deposits and $10 million in loans will be transferred to Wings Financial.
Wings Financial did not disclose the price of the deal, which is expected to close in the second quarter.
Read the story.
Friday, September 15, 2017
Guardian CU Buys Two Branches from SouthCrest Financial Group
SouthCrest Financial Group, Inc. (Atlanta, GA) announced that the company has completed the sale of its two branches in Alabama and all related deposits and assets to Guardian Credit Union (Montgomery, AL).
The sale closed on September 8.
The two branches are located in Chilton County.
According to an earlier press release, Guardian CU would pay a 5 percent deposit premium on the total deposits transferred, which as of June 2016 were about $45.7 million, and purchase over $6 million worth of loans.
As of June 2016, the Summary of Deposit data reported that SouthCrest Bank had a deposit market share of 12.33 percent in Chilton County.
Read the press release.
The sale closed on September 8.
The two branches are located in Chilton County.
According to an earlier press release, Guardian CU would pay a 5 percent deposit premium on the total deposits transferred, which as of June 2016 were about $45.7 million, and purchase over $6 million worth of loans.
As of June 2016, the Summary of Deposit data reported that SouthCrest Bank had a deposit market share of 12.33 percent in Chilton County.
Read the press release.
Friday, August 11, 2017
Marine CU to Acquire 5 Branches from Bank Mutual on August 25
Marine Credit Union (La Crosse, WI) has received regulatory approval to acquire five Bank Mutual branches through a purchase agreement.
According to the agreement, approximately 3,000 bank customers, along with $52.6 million in deposits and $13.2 million in loans, will be acquired by the credit union.
The acquisition will take place on August 25.
Read the press release.
According to the agreement, approximately 3,000 bank customers, along with $52.6 million in deposits and $13.2 million in loans, will be acquired by the credit union.
The acquisition will take place on August 25.
Read the press release.
Wednesday, April 5, 2017
Marine CU to Buy 5 Bank Branches from Bank Mutual Corporation
Bank Mutual Corporation (Milwaukee, WI) entered into an agreement with Marine Credit Union (LaCrosse, WI) to sell five retail branches, along with deposits and loans.
The pending sale consists of one office in Kenosha, two in Racine, and two in Sheboygan, Wisconsin.
Deposits and loans from the five locations are $52.6 million and $13.2 million, respectively.
The deal is expected to close in the third quarter, pending all regulatory approvals.
The terms and price of the transaction were not disclosed.
Read the press release.
The pending sale consists of one office in Kenosha, two in Racine, and two in Sheboygan, Wisconsin.
Deposits and loans from the five locations are $52.6 million and $13.2 million, respectively.
The deal is expected to close in the third quarter, pending all regulatory approvals.
The terms and price of the transaction were not disclosed.
Read the press release.
Sunday, March 12, 2017
Self-Help FCU Buys Branches and Deposits of Failed Seaway Bank & Trust
The remnants of failed Seaway Bank & Trust, which was acquired by Dallas, Texas-based State Bank of Texas in January from the Federal Deposit Insurance Corporation, is being sold to Self-Help Federal Credit Union (Durham, NC).
State Bank of Texas is selling Seaway's branches and deposits to the North Carolina-based credit union.
State Bank of Texas will continue to hold and manage Seaway's existing loans and will operate the foreign-exchange concessions at O'Hare and Midway airports.
Read the story.
State Bank of Texas is selling Seaway's branches and deposits to the North Carolina-based credit union.
State Bank of Texas will continue to hold and manage Seaway's existing loans and will operate the foreign-exchange concessions at O'Hare and Midway airports.
Read the story.
Wednesday, November 16, 2016
Guardian CU Buys Two Bank Branches and Deposits
Guardian Credit Union (Montgomery, AL) announced that it has reached an agreement with SouthCrest Financial Group to purchase its two Alabama offices and all related deposits and assets.
The two branches are located in Chilton County.
Guardian will pay a 5 percent deposit premium on the total deposits transferred, which are expected to be about $45 million, and purchase more than $6 million worth of loans.
The sale is subject to regulatory approval and is expected to close in early 2017.
Read the story.
The two branches are located in Chilton County.
Guardian will pay a 5 percent deposit premium on the total deposits transferred, which are expected to be about $45 million, and purchase more than $6 million worth of loans.
The sale is subject to regulatory approval and is expected to close in early 2017.
Read the story.
Tuesday, July 5, 2016
Royal Credit Union to Acquire Deerwood Bank's Apple Valley Branch
Royal Credit Union (Eau Claire, WI) announced that it has entered into a definitive agreement to acquire the Apple Valley, MN office of Deerwood Bank.
Under the terms of the agreement, Royal Credit Union will assume deposits and purchase assets of the Apple Valley branch located at 14925 Cedar Avenue.
According to Federal Deposit Insurance Corporation's Summary of Deposit data, the branch reported almost $42 million in deposits as of June 30, 2015.
Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in the second half of 2016.
Royal Credit Union earlier this year entered into an agreement to acquire Capital Bank (Saint Paul, MN).
In 2010, Royal Credit Union acquired the 11 branches and $177 million in deposits from Anchor Bank (WI).
Read the press release.
Under the terms of the agreement, Royal Credit Union will assume deposits and purchase assets of the Apple Valley branch located at 14925 Cedar Avenue.
According to Federal Deposit Insurance Corporation's Summary of Deposit data, the branch reported almost $42 million in deposits as of June 30, 2015.
Pending customary closing conditions, including obtaining regulatory approval, the completion of the transaction is expected to occur in the second half of 2016.
Royal Credit Union earlier this year entered into an agreement to acquire Capital Bank (Saint Paul, MN).
In 2010, Royal Credit Union acquired the 11 branches and $177 million in deposits from Anchor Bank (WI).
Read the press release.
Sunday, September 6, 2015
CoVantage CU to Buy Bank Branch
CoVantage Credit Union (Antigo, WI) has announced they have signed an agreement to purchase the facility operating as Northwoods National Bank in Elcho.
While the agreement between CoVantage Credit Union and The Baraboo National Bank (which owns Northwoods National Bank) is subject to final regulatory approval, plans are being made to transfer ownership of the deposit accounts and overdraft protection lines from Northwoods National Bank to CoVantage.
The Elcho Branch had slightly more than $19.4 million in deposits as of June 30, 2014.
The price tag for this transaction was not disclosed.
While the agreement between CoVantage Credit Union and The Baraboo National Bank (which owns Northwoods National Bank) is subject to final regulatory approval, plans are being made to transfer ownership of the deposit accounts and overdraft protection lines from Northwoods National Bank to CoVantage.
The Elcho Branch had slightly more than $19.4 million in deposits as of June 30, 2014.
The price tag for this transaction was not disclosed.
Wednesday, February 18, 2015
Buckeye Community FCU to Buy Bank Branch
Buckeye Community Federal Credit Union (BCFCU) has reached an agreement with Citizens State Bank to acquire the bank’s Madison branch pending state and federal regulatory approval.
BCFCU is tentatively scheduled to assume the Madison operations in June.
It is not clear whether the credit union is assuming the $16.3 million in deposits (as of June 30, 2014) and assets associated with the branch.
Read the press release.
BCFCU is tentatively scheduled to assume the Madison operations in June.
It is not clear whether the credit union is assuming the $16.3 million in deposits (as of June 30, 2014) and assets associated with the branch.
Read the press release.
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