The $2 billion Interra Credit Union in Goshen, Ind., said it plans to acquire the $226 million The Hicksville Bank in Hicksville, Ohio for an estimated $31 million, pending regulatory and shareholder approvals.
"The cash consideration to be received by Empire Bancshares is expected to be at least $47 per share," The Hicksville Bank CEO Greg Smitley and President/CFO Mindy Bobay wrote in an April 29 letter to shareholders. "This represents a considerable premium of more than two times the current market price of our stock. Knowing that our stock price has remained in the $18-$22 dollar range during my tenure, a price of this magnitude is significant as we continue to invest back into our communities."
Smitley has served as CEO since 2019. Empire Bancshares Inc., EBSH, is the closely held OTC‑traded holding company of The Hicksville Bank, with 661,288 shares outstanding.
"In addition to the attractive financial offer, Interra Credit Union shares our same core values of community investment and engagement with a specialty in business, agriculture and small-town communities; all of which align nicely with our institution," Smitley and Bobay wrote. "Importantly, this combination will allow for an increase in customer legal lending limit from $3 million to $22 million."
Founded in 1901, The Hicksville Bank manages $135 million in loans and $203 million in deposits, according to its FDIC financials for this year's first quarter. The bank finished the first quarter with net income of $309,000, compared to net income of $262,000 at the end of the first quarter in 2025.
The bank's 39 employees run three branches in Ohio and two branches in Indiana.
This marked Interra's first planned bank acquisition.
"From the start, this was about people, our members, our employees and the communities who trust us," Interra President/CEO Amy Sink said in a prepared statement. "This is about honoring the legacy of two organizations that share a deep commitment to their communities and building a new future together. We're excited to build on that foundation and continue delivering the service, trust and support our members and customers expect."
Interra's 325 employees operate 16 locations, serving nearly 90,000 members across 24 counties in Northern Indiana.
The Hicksville Bank and Interra did not say when they expect the acquisition to close.
The Independent Community Bankers Association (ICBA) used the latest credit union-bank acquisition announcement during its ICBA Capital Summit this week in Washington to highlight its push with policymakers to tax credit unions with more than $1 billion in assets.
"Given the harmful impact on local communities of the tax exemption for large credit unions, today's announced acquisition shows the importance of our campaign and this week's meetings with policymakers," ICBA President/CEO Rebeca Romero Rainey said in a prepared statement.
The ICBA recently launched The Illusionists campaign, which the trade group said exposes how large credit unions are promoting a narrative of community service while aggressively expanding beyond their original mission and undermining local communities.
"Through this campaign, ICBA is pulling back the curtain to reveal how growth-obsessed credit unions are contributing to industry consolidation, reducing consumer choice and weakening the very local economies they claim to support," Rainey said.
The campaign has drawn criticism from America's Credit Unions President/CEO Scott Simpson, who accused the ICBA of pushing haphazard and deceptive misinformation, along with misleading narratives about the cooperative finance model.
"More than 145 million Americans choose credit unions because they put people ahead of profits and reinvest earnings back into better rates, lower fees and financial education for their members," Simpson said. "And they choose credit unions not because of illusions, but because of the miracles they make happen every day for their members."
Although the ICBA argued that states lose tax revenue from banks after they are acquired by credit unions, credit unions still pay federal, state and local taxes on payroll, property and sales.
America's Credit Unions, as well as state leagues and associations, has largely defended the tax exemption or fended off tax parity legislation, though some recent changes have emerged.
In the state of Washington, state-chartered credit unions that buy banks are now required to pay a 1.2% business and occupation tax on gross income. Washington appeared to be the first state to enact a specific tax treatment tied to credit union bank purchases, but it did not apply to federally chartered credit unions, credit unions chartered in other states and Washington credit unions that submitted applications for regulatory review of a bank acquisition before Jan. 1.
Washington lawmakers approved the new tax last year as part of a legislative package aimed at a $16 billion shortfall in the state's operating budget. The budget solution includes $5 billion in program cuts and approximately $9 billion in new revenue over the next six years, according to Gordon Thomas Honeywell Government Relations firm in Tacoma.
In Oregon last year, lawmakers introduced Senate Bill 781, which aimed to impose the state's corporate excise tax and corporate activity tax on business loans and services acquired by a state-chartered credit union. That bill died in committee last June.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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