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.
Only approval by the FDIC awaits final approval of the sale of the $190 million Wisconsin community bank to $2.1 billion Landmark CU.
Landmark has completed 10 credit union mergers in the past three years. This is its first acquisition of a bank.
The $2 billion Landmark Credit Union of New Berlin, Wis., has filed applications with federal and state regulators to buy the $190 million Hartford Savings Bank, a state-chartered mutual savings bank in Hartford, Wis.
Purchase would be third credit union takeover of bank in past year.
Two of four steps completed in bid for Massachusetts credit union to buy New Hampshire bank.
Massachusetts CU CEO eyes long regulatory process in proposed takeover of New Hampshire bank.