The former Griffith Savings Bank office on Broad Street in Griffith, Ind., re-opens today as a branch of United Federal Credit Union.
The opening consummates a process that marks the first time a federally chartered credit union has purchased the assets of a state-chartered, FDIC-insured mutual savings bank, said UFCU President/CEO Gary Easterling.
“The purchase of Griffith Savings Bank is a major achievement for us. We have of course, set an important precedent in the world of banks and credit unions, but even more importantly, we look forward to bringing our style of people-first member service to the residents of Griffith,” Easterling said.
The purchase of the approximately $80 million in loans, investments, real estate, receivables and other assets was approved by the NCUA and FDIC in December.
“GSB was a great bank, with core values very similar to those of UFCU. That shared belief in member service is at the heart of what made this purchase possible. Going forward, UFCU’s financial strength will enable us to deliver more products, services, and benefits to Griffith, but it will be our hometown values that make the real difference,” Easterling said.
The $1.3 billion UFCU – which announced its plans to buy the ailing bank in July – is based in St. Joseph in the southwest corner of Michigan. Griffith is in the Gary area. UFCU also has branches in Arkansas, Indiana, North Carolina, Nevada and Ohio.