Search
 

Credit Union Bank Purchases Gain Steam

In 2012, two CUs launched a small but steadily growing trend of bank acquisitions that has gained momentum this year.

Bank acquisitions lead to bottom-line benefits for CUs.

In 2012, the $2.6 billion United Federal Credit Union in St. Joseph, Mich., and the $505 million GFA Federal Credit Union in Gardner, Mass., broke new ground after finalizing their deals to buy small banks.

These credit union bank acquisitions created a lot of buzz throughout the financial services industry and launched a small but steadily growing trend that has gained momentum this year.  Over the last seven years, 15 credit unions, primarily in the Southern and Midwestern states, have completed 17 bank purchases, including two deals that were finalized earlier this year. What’s more, there are an additional seven pending credit union bank acquisition deals and there may be more coming before year’s end.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Peter Strozniak

Dig Deeper

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.