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The $1.2 billion 3Rivers Federal Credit Union said it completed its strategic acquisition of the $291 million West End Bank on June 1.
The Fort Wayne, Ind., credit union bought the Richmond, Ind., bank for an estimated $37 million in cash.
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Prior to the completion of the sale, which was announced in August 2019, West End Bank operated four branches, employed approximately 80 people and served 24,000 customers.
The 127-year-old bank, which specialized in commercial loans, posted a net income of $1 million and an ROA of 0.35% at the end of 2019, according to the FDIC. The bank managed $204 million in deposits and capital of $30.6 million.
The completion of this acquisition increases 3Rivers' total number of branches to 20, employees to 440 and members to 109,000.
"We're grateful and proud of the ongoing efforts and collaboration of both of our teams during this process, especially with the unanticipated challenges that COVID presented in the midst of the transaction," Don Cates, 3Rivers' president/CEO, said.
In May, the coronavirus crisis cancelled the proposed acquisition of the $745 million Apollo Bank in Miami by the $11 billion Suncoast Credit Union in Tampa, Fla., which would have been the financial industry's largest credit union bank buy deal.
So far this year there have been only two proposed bank acquisition deals announced. In 2019, there were 14.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
