Evansville Teachers FCU Finalizes Bank Acquisition

The $1.5 billion Evansville Teachers Federal Credit Union in Evansville, Ind., received regulatory approvals Thursday that officially finalized its acquisition of the $105 million American Founders Bank.

The Evansville, Ind.-based credit union announced Friday that it reopened AFB’s two branches in Louisville, Ky., under a new brand name, Liberty Financial, a division of Evansville Teachers FCU.

Liberty Financial also recently opened a full-service branch in Franklin, Tenn., and has offices under construction in Bowling Green, Ky, and a second office in Franklin, Tenn., the credit union said in a prepared statement.

ETFCU operates 14 locations, having recently opened in Fort Branch, Ind., with another branch under construction in Washington, Ind.

The credit union announced the bank acquisition in March. Financial terms of the deal were not disclosed.

At the end of June 2018, AFB posted deposits of $78.3 million, a net income of $122,000 and an ROA of 0.23%, according to the FDIC.

ETFCU is Indiana’s third largest credit union by assets and second largest by members. The credit union serves more than 200,000 members and employs nearly 500 staff members.