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.
So far no other copycat deals like that of the healthy United FCU taking over the $83 million Griffith Savings Bank have surfaced, said Easterling. The planned CU-bank marriage 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," observed Easterling, referring to regulatory approval awaited 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, he said.
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