How to turn bank customers into credit union members
Three cooperatives share how they transitioned bank customers after the credit unions became part of the community bank-buying trend.
The acquisition of Indiana’s Griffith State Bank by United Federal Credit Union($2.9B, St. Joseph, MI) made history when the $88.5 million transaction closed in January 2012 as the first purchase of a state-chartered, FDIC-insured mutual savings bankby a federally chartered credit union.
Since then, there have been 63 more deals involving 51 credit unions in 24 states, according to data from Callahan & Associates. Forty-seven of those deals have been announced since 2017 as what was a phenomenon has become a trend.
Some deals have included taking over the whole operation, lock, stock, and assets. Others have involved a single location or market. But regardless of strategy, each institution had its own reason for buying and selling.
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