Evansville, Ind. (Source: Shutterstock)
A third Indiana credit union said it plans to buy a bank.
The $2 billion Indiana Members Credit Union in Indianapolis, the state's second largest cooperative, said Tuesday it signed a definitive purchase and assumption agreement to acquire the $195 million Commerce Bank in Evansville for an estimated $33 million in cash.
In May, the $3.2 billion Teachers Credit Union in South Bend agreed to buy the Michigan-based $119 million New Buffalo Savings Bank in a cash deal of more than $21 million. And earlier this month, the $1.1 billion 3Rivers Federal Credit Union in Fort Wayne, Ind., inked a purchase and assumption agreement to acquire the $298 million West End Bank in Richmond, Ind., for an estimated $37 million in cash.
Commerce Bank, which specializes in commercial lending, manages $157 million in deposits and $22 million in capital, according to its June 30 financials filed with the FDIC. At the end of the second quarter, the bank posted a net income of $553,000.
Founded in 2006, Commerce Bank operates four branches and employs 31 staff members who serve 2,000 customers.
If approved by stockholders and regulators, the deal is expected to close during the first quarter of 2020.
After the sale is finalized, Commerce Bank's management team and employees will lead IMCU's expansion plans in the Greater Evansville area, which includes Clark and Floyd counties.
"Our combined size will provide even more opportunities for Commerce Bank commercial borrowers to grow and our robust consumer offerings will assist individuals in these communities to reach their financial goals," Ron Collier, IMCU's president/CEO, said in a prepared statement.
This deal is the fifth bank acquisition announced by a Midwestern credit union bank since May.
In addition to the Indiana bank buys, the $962 million Verve, a Credit Union in Oshkosh, Wis. announced plans to purchase the $295 million South Central Bank in Chicago in June. And in July, the $605 million Corporate America Family Credit Union in Elgin, Ill., signed an agreement to acquire the $93 million Ben Franklin Bank of Illinois in Arlington Heights.
In addition, five Florida credit unions and one Arizona credit union have announced bank acquisition agreements so far this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
