Now garnering heightened industry attention, the $1.3 billion United Federal Credit Union of St. Joseph, Mich. moved a step closer last week to charting what it called trail blazing territory by winning NCUA approval to buy an ailing Indiana savings bank.
Management of the Michigan CU forecast more similar thrift-to-CU deals could be in the works during 2012 once its merger of the $80 million Griffith Savings Bank is completed.
It still must win long-awaited approval from the FDIC. Industry watchers contend a positive precedent could be set that would open the door for troubled thrifts to spin off their assets and be absorbed by a healthy CU.
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