Indiana Credit Union Inks Agreement to Buy Bank
Crane Credit Union expects to close its acquisition deal of Community State Bank later this year.
The $635 million Crane Credit Union in Odon, Ind., said Thursday it signed a definitive agreement to acquire the $89.6 million Community State Bank of Southwestern Indiana in Poseyville.
Founded in 1905, Community State Bank manages $70.6 million in deposits and $8.5 million in capital, according to its Consolidated Report for Condition and Income filed with the FDIC at the end of the first quarter.
The 115-year-old bank, which serves about 3,500 cutomers, has 23 employees and operates six branches in Poseyville, Cynthiana, Mount Vernon, St. Wendel, St. Phillip and New Harmony.
Crane said it plans to keep the branches operating after the transaction is completed later this year following the customary closing conditions, including approval from CSB shareholders and regulatory agencies.
The acquisition will expand Crane CU’s branch network from 14 to 20 throughout the central and southern portions of the Hoosier State.
This is the third credit union bank acquisition deal this year. In 2019, there were 14.
In April, the $4.2 billion Tinker Federal Credit Union in Oklahoma City agreed to acquire substantially all of the assets and operations of the $285 million Prime Bank in Edmond, Okla. And in February, the $5.6 billion Wings Financial Credit Union in Minneapolis reached an agreement to buy the $221 million Neighborhood National Bank in Mora, Minn.