Griffiths Savings Banks begins the new year as a branch of United Federal Credit Union of St. Joseph, Mich.
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.
On pace to double its asset base twice in the next decade and add 500 jobs by 2020, United Federal Credit Union announced plans to expand its headquarters to accommodate its growing workforce.