The former Griffith Savings Bank office on Broad Street inGriffith, Ind., re-opens today as a branch of United Federal CreditUnion.

The opening consummates a process that marks the first time afederally chartered credit union has purchased the assets of astate-chartered, FDIC-insured mutual savings bank, said UFCUPresident/CEO Gary Easterling.

“The purchase of Griffith Savings Bank is a major achievementfor us. We have of course, set an important precedent in the worldof banks and credit unions, but even more importantly, we lookforward to bringing our style of people-first member service to theresidents of Griffith,” Easterling said.

The purchase of the approximately $80 million in loans,investments, real estate, receivables and other assets was approvedby the NCUA and FDIC in December.

“GSB was a great bank, with core values very similar to those ofUFCU. That shared belief in member service is at the heart of whatmade this purchase possible. Going forward, UFCU's financialstrength will enable us to deliver more products, services, andbenefits to Griffith, but it will be our hometown values that makethe real difference,” Easterling said.

The $1.3 billion UFCU – which announced its plans to buy the ailing bank in July – is basedin St. Joseph in the southwest corner of Michigan. Griffith is inthe Gary area. UFCU also has branches in Arkansas, Indiana, NorthCarolina, Nevada and Ohio.