Now celebrating FDIC approval of an historic thrift-to-credit union merger, the president/CEO of the $1.3 billion United Federal Credit Union, Gary Easterling, said Thursday he has heard from "maybe five or six other credit unions" thinking about similar transactions elsewhere.
"They are intrigued with the concept and on that we are very grateful to all the agencies that helped us accomplish this, and that includes NCUA, FDIC and the Indiana Department of Financial Institutions," said Easterling, whose St. Joseph, Mich., credit union is now putting finishing touches on the merger of the ailing $81 million Griffith Savings Bank of Griffith, Ind.
It is the first such merger of a federal credit union taking over a thrift. Credit union attorneys said the takeover, set to take effect Jan. 1, opens new legal ground for similar moves by other credit unions.
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