Griffiths Savings Banks begins the new year as a branch of United Federal Credit Union of St. Joseph, Mich.
Battle Creek CU finishes one deal; St. Joseph CU wins vote for merger in Kalamazoo.
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.
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.
Takeover of bank may be first by a federally chartered credit union, its president says.