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.
Michigan CEO Gary Easterling says he's heard from "maybe five or six" others.
Credit union's attorney says FDIC responded to "why not" question about unusual CU purchase of bank.
The FDIC opened the door Tuesday for $1.3 billion United Federal Credit Union of St. Joseph, Mich. to buy the assets of Griffith Savings Bank of Indiana.
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.
That precedent-setting deal by Michigan’s United Federal Credit Union to merge an ailing Indiana savings bank gained NCUA approval last week and now seems certain to be the model for more to come, its architect says.
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.
The $1.3 billion United Federal Credit Union of St. Joseph, Mich. said last week its proposed–and rare–merger with an ailing Indiana savings bank is on track and could win final regulatory approval by the end of this month, according to the president/CEO of UFCU, Gary Easterling.
The proposed – and rare – merger of a large credit union with a small bank could win final regulatory approval at the end of this month.
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.