Crane Credit Union Completes Purchase of Our Community Bank
The acquisition expands the credit union’s market from the Greater Indianapolis area to Evansville.
The $865 million Crane Credit Union in Odon, Ind., said Wednesday that it completed the $13 million acquisition of Our Community Bank in Spencer.
The bank purchase, which was announced in August 2020, received final regulatory and shareholders’ approvals on Tuesday, the credit union said.
The $74.1 million Our Community Bank, which specialized in mortgage lending, employed 21 people who served 5,500 customers.
The combined institutions will retain the Crane Credit Union name and charter. Former OCB employees will become credit union employees and both OCB branches will continue to operate under the Crane brand.
With the acquisition complete, Crane now operates 20 branches throughout central and southern Indiana.
“By teaming with OCB, we will expand our services to Owen and Putnam Counties, which fit within our existing market areas stretching from the Greater Indianapolis area to Evansville,” Crane President/CEO Kevin Sparks said in a prepared statement.
In December 2020, Crane completed the acquisition of the $92.2 million Community State Bank of Southwestern Indiana in Poseyville, Ind. The acquisition was originally announced in June 2020 and received final shareholders’ and regulatory approvals on Nov. 30, 2020.