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.

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