handing over a binder labeled 'Acquisition' Source: Shutterstock.

Edgewater Bank branches opened as United Federal Credit Union branches on May 3 after the St. Joseph, Mich.-based financial cooperative said its deal to acquire the bank for approximately $30 million received regulatory and shareholders’ approvals.

This deal, initially announced in October 2020, is UFCU’s second bank purchase and was one of only six credit union bank acquisitions announced in 2020 compared to 14 deals in 2019. So far this year, there have been two credit union bank purchase agreements announced.

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Peter Strozniak

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