The FDIC's approval for a landmark deal combining the $1.3 billion United Federal Credit Union of St. Joseph, Mich. and the ailing $81 million Griffith Savings Bank of Indiana carried a Jan. 1 effective date, attorneys said Wednesday.
The transaction, which already won NCUA approval late last month, has been in the works for months but approval by FDIC was slow in coming, raising initial concerns that it might meet banker opposition, according to industry sources.
Late Tuesday, UFCU President/CEO Gary Easterling and the credit union's attorney hailed the agency approval as a victory for future bank-to-CU deals, particularly of troubled thrifts which seek out a healthy credit union for merger.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
