The head of a Michigan credit union buying an $80 million Indiana bank said he was "a little surprised" when the buyout offer, routed through an Indianapolis investment banker, was first extended last winter.
"It is interesting to know when we were approached last February or March that this bank had previously considered converting to a credit union charter," said Gary Easterling, president/CEO of the $1.3 billion United FCU of St. Joseph, Mich. which began moving forward this week on an $81 million deal to take over Griffith Savings Bank of Griffith, Ind., in a purchase/assumption.
The purchase still must receive NCUA approval "though I'm confident we can clear" any lingering hurdles, including the FDIC safety/soundness insurance transfer, Easterling said.
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