La Crosse, Wisc.-based Marine Credit Union has agreed to buy 10 branches of Old National Bank,an Evansville, Indiana-based subsidiary of Old NationalBancorp.

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The terms of the deal were not disclosed, but the acquisitiondoes include $274 million in deposits and is expected to close inthe third quarter of 2018, according to an announcement from thetwo financial institutions. Marine Credit Union has $756 millionassets and about 76,000 members.

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“As a mission-focused credit union, we strive to make lifebetter for those around us: our members, our employees and ourcommunities,” Marine Credit Union CEO Shawn Hanson said in thestatement. “This acquisition furthers our growth strategy andaligns with our mission. We look forward to welcoming our newemployees and new customers as members of Marine Credit Union.”

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The branches Marine Credit Union is acquiring are in ChippewaFalls, Columbus, Dodgeville, Eau Claire, Lancaster, Monroe, NewGlarus, Platteville, Prairie du Chien and Stanley.

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“Marine Credit Union is a strong client- and community-focusedorganization, and we are confident that our transitioningassociates will do a great job of continuing to serve the needs oftheir clients and communities as members of the Marine team,” OldNational Region CEO Len Devaisher said.

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Evansville, Ind. has been something of a hotbed for credit unionacquisitions lately. In March, Evansville Teachers Federal Credit Unionannounced it was acquiring a community bank 120 miles to the eastin Louisville, Ky. That merger is expected to boost the creditunion's assets by about $113.4 Today it has $1.5 billion in assetsand about 192,000 members.

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The acquisition was the credit union's second in the last twoyears. In late 2016 it received regulatory permission to acquireEvansville's Seaboard Gateway Federal Credit Union.

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Credit unions elsewhere have recently announced plans to acquirebank assets as well. Last November, for example, Atlanta-basedGeorgia's Own Credit Union announced it was buying State Bank ofGeorgia. Georgia's Own CU has $2.3 billion in assets and about187,000 members. The bank, headquartered in Fayetteville, Ga., hadabout $90 million in assets, 4,600 customers and one branch at thetime of the announcement, and its markets included Fayetteville,Peachtree City and Tyrone, as well as counties contiguous toFayetteville County.

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The credit union industry's ongoing interest in bankacquisitions has also inspired at least one credit union to createa mergers and acquisitions consulting group to help facilitate moredeals. Last June, Dunedin, Florida-based Achieva Credit Unionformed Achieva Merger Services to help credit unions and banks findsuitable partners and do due diligence, as well as provide pricinganalysis, merger applications, regulatory advice, acquisitionaccounting and integration of operations. Achieva Credit Union has$1.5 billion in assets and about 152,000 members.

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“We've gone down this road before, and now we've gathered theexperts and the resources to find these opportunities and executetransactions properly,” Achieva EVP Dennis Holthaus said atthe time.

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