Baltimore credit union takes over local thrift, to keep two branches open and 19 employees.
Maryland's financial regulator and the FDIC have approved the purchase of Advance Mutual Savings Bank in Baltimore by Municipal Employees Credit Union of Baltimore.
MECU awaits only member vote to buy Advance Bank of Baltimore.
Credit union advances one more step toward what is becoming a trend: credit unions buying banks.
Some dustups have taken place or are in the works that are affecting credit unions. It’s enough to clog your pores, so I’m going to just clean that up a little bit with an apricot scrub. (I’ll apply a light cleanser to that mixed metaphor while I’m at it.)
Michael Bell helped with MECU Baltimore buy, sees more of the same happening down the road.
Purchase would mark fourth credit union takeover of bank in past year and a half.