Thursday, May 14, 2020

Indiana DFI Approved Merger of West End Bank into Three Rivers FCU

The Indiana Department of Financial Institutions (DFI) on May 14 approved the resolution of the Board of Directors of West End Bank, S.B. (Richmond, IN) to sell all of its assets to Three Rivers Federal Credit Union (Fort Wayne, IN).

Three Rivers FCU will also assume most of the liabilities of West End Bank.

National Credit Union Administration (NCUA) worked with the credit union to alter its field of membership from a community charter to a multiple common bond charter, so that it could acquire West End Bank's customers.

West End Bank has $288 million in assets and $30.6 million in bank equity capital, as of December 31, 2019.

Three Rivers FCU has $1.26 billion in assets as of March 31, 2020.

The purchase price is $43.3 million with conditions.

The Federal Deposit Insurance Corporation approved the application last week and the NCUA is expected to approve the application on May 15.

The vote was unanimous.

No comments:

Post a Comment


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.