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.
Posted by at
Labels: ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.