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The $719 million Crane Credit Union in Odon, Ind., recently completed the acquisition of the $92.2 million Community State Bank of Southwestern Indiana in Poseyville, expanding its branch network and market reach.
The acquisition was originally announced in June and received shareholder and regulatory approvals on Nov. 30, the credit union said in a prepared statement on Dec. 4.
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In August, Crane also said it plans to buy the $73.6 million Our Community Bank in Spencer, Ind., but that deal is not expected to close until next year. Our Community Bank's 21 employees operate two branches and serve approximately 5,500 customers in the state's southwest region.
Crane said the Community State Bank's 23 employees have been retained and its six branches remain open to serve the approximate 3,500 customers who are now credit union members.
The completed acquisition expands Crane CU's branch network from 14 to 20 throughout the central and southern regions of the Hoosier State.
This year there have been only six credit union bank acquisitions deals publicly announced compared to 14 deals last year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
