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.
Michael Bell helped with MECU Baltimore buy, sees more of the same happening down the road.
During a closed meeting, the NCUA Board unanimously approved Landmark Credit Union’s acquisition of Hartford Savings Bank, subject to approval from the FDIC, according to a Board Action Bulletin posted last week on the NCUA’s website.
Only approval by the FDIC awaits final approval of the sale of the $190 million Wisconsin community bank to $2.1 billion Landmark CU.
Industry observers point to credit unions buying banks, note that Boston conversion involves unique state charter.
Landmark has completed 10 credit union mergers in the past three years. This is its first acquisition of a bank.
Wisconsin consolidation would merge $52 million Dodge Central into $2 million Landmark.