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In a landmark ruling, the FDIC last week gave approval to a credit union-bank deal by which the $1.3 billion United Federal Credit Union of St. Joseph, Mich., can buy the ailing the $80 million Griffith Savings Bank of Indiana, according to attorneys representing UFCU.
Credit union's attorney says FDIC responded to "why not" question about unusual CU purchase of bank.
The FDIC opened the door Tuesday for $1.3 billion United Federal Credit Union of St. Joseph, Mich. to buy the assets of Griffith Savings Bank of Indiana.
The $1.3 billion United Federal Credit Union of St. Joseph, Mich. said last week its proposed–and rare–merger with an ailing Indiana savings bank is on track and could win final regulatory approval by the end of this month, according to the president/CEO of UFCU, Gary Easterling.
The proposed – and rare – merger of a large credit union with a small bank could win final regulatory approval at the end of this month.
Takeover of bank may be first by a federally chartered credit union, its president says.