The proposed – and rare – merger of the $1.3 billion United Federal Credit Union of Michigan with an ailing Indiana savings bank is on track and could win final regulatory approval at the end of this month.
Copycat deals with healthy CUs elsewhere taking control of small, troubled banks also could occur, said UFCU President/CEO Gary Easterling, based "on a number of inquiries we've received" since the transaction for UFCU to merge the $83 million Griffith Savings Bank of Griffith, Ind., was first announced in July.
"I think a lot of people are just waiting until this is a done deal before deciding whether to go ahead," Easterling said. The deal awaits regulatory approval from the NCUA and the FDIC. Both agencies have all the current paperwork and based on recent developments the transaction and the conversion could be completed "by the fourth quarter," Easterling said.
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