Maryland's financial regulator and the FDIC have approved the purchase of Advance Mutual Savings Bank in Baltimore by Municipal Employees Credit Union of Baltimore.
MECU awaits only member vote to buy Advance Bank of Baltimore.
Credit union advances one more step toward what is becoming a trend: credit unions buying banks.
Some dustups have taken place or are in the works that are affecting credit unions. It’s enough to clog your pores, so I’m going to just clean that up a little bit with an apricot scrub. (I’ll apply a light cleanser to that mixed metaphor while I’m at it.)
Purchase would mark fourth credit union takeover of bank in past year and a half.
During a closed meeting, the NCUA Board unanimously approved Landmark Credit Union’s acquisition of Hartford Savings Bank, subject to approval from the FDIC, according to a Board Action Bulletin posted last week on the NCUA’s website.
Only approval by the FDIC awaits final approval of the sale of the $190 million Wisconsin community bank to $2.1 billion Landmark CU.
Landmark has completed 10 credit union mergers in the past three years. This is its first acquisition of a bank.
As far as Jay Magulski and Mark Hudzik are concerned, growth isn’t something you turn over to the marketing or corporate development department and figure the job is done.
Kase steps down after 39 years with New Berlin, Wis., credit union.