The FDIC's approval for a landmark deal combining the $1.3 billion United Federal Credit Union of St. Joseph, Mich. and the ailing $81 million Griffith Savings Bank of Indiana carried a Jan. 1 effective date, attorneys said Wednesday.
The transaction, which already won NCUA approval late last month, has been in the works for months but approval by FDIC was slow in coming, raising initial concerns that it might meet banker opposition, according to industry sources.
Late Tuesday, UFCU President/CEO Gary Easterling and the credit union's attorney hailed the agency approval as a victory for future bank-to-CU deals, particularly of troubled thrifts which seek out a healthy credit union for merger.
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