In a landmark ruling, the FDIC last week gave approval to a credit union-bank deal by which the $1.3 billion United Federal Credit Union of St. Joseph, Mich., can buy the ailing the $80 million Griffith Savings Bank of Indiana, according to attorneys representing UFCU.
Credit union's attorney says FDIC responded to "why not" question about unusual CU purchase of bank.
Now garnering heightened industry attention, the $1.3 billion United Federal Credit Union of St. Joseph, Mich. moved a step closer last week to charting what it called trail blazing territory by winning NCUA approval to buy an ailing Indiana savings bank.
Paul Marsh, new CEO at Indiana's largest credit union, leads merger with two small CUs and looks to CUSOs as potential growth area.
Gary Easterling says it's "nice to see trend go the other way" as his $1.2 billion CU moves on buying small Indiana thrift.