State sign of Indiana State of Indiana. (Source: Shutterstock)

Indiana regulators approved what is believed to be the state’s first consolidation of a credit union into a bank.

To facilitate the consolidation, the Department of Financial Institutions in Indianapolis on Friday first approved the application of the $18.7 million Adams County Farm Bureau Cooperative in Monroe to convert from a state-chartered credit union into a state-chartered mutual savings bank. Immediately after that application was approved, Indiana regulators also approved the application of the $702 million First Bank of Berne for the credit union to consolidate into the Berne-based bank.

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Peter Strozniak

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