Bank acquisitions lead to bottom-line benefits for CUs.
In 2012, the $2.6 billion United Federal Credit Union in St. Joseph, Mich., and the $505 million GFA Federal Credit Union in Gardner, Mass., broke new ground after finalizing their deals to buy small banks.
These credit union bank acquisitions created a lot of buzz throughout the financial services industry and launched a small but steadily growing trend that has gained momentum this year. Over the last seven years, 15 credit unions, primarily in the Southern and Midwestern states, have completed 17 bank purchases, including two deals that were finalized earlier this year. What's more, there are an additional seven pending credit union bank acquisition deals and there may be more coming before year's end.
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