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Credit unions

How many credit unions acquired banks in 2024?

ByDaniel Wolfe
December 9, 2024 9:31 AM
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Credit unions have proven themselves to be eager buyers of community banks, and this year is no exception. Already, more credit unions have entered deals to buy banks in 2024 than in all of 2023, when 11 such deals were announced.

The trend is a lightning rod for controversy in the banking industry, whose representatives argue that credit unions — due to their tax-exempt status — have an unfair advantage in the M&A market. But advocates of these deals note that the banks are willing sellers, and that these acquisitions happen only because banks can't find other banks to merge with in their markets.

American Banker is tracking these deals as they happen, and will update this list as more are announced. Asset sizes and other details reflect the date of each acquisition's announcement.

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Hudson Valley Credit Union — Catskill Hudson Bank

Hudson Valley Credit Union started the year in a big way.

The $6.9 billion-asset credit union agreed to acquire Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, the companies said in January. At $593 million of assets, Catskill Hudson Bank is much bigger than any bank acquired by a credit union last year.

The merger is expected to be completed during the second half of 2024. It is the first bank acquisition ever announced by Poughkeepsie-based Hudson Valley Credit Union. 

Read more: The year's first credit union purchase of a bank is a big one
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Global Federal Credit Union — First Financial Northwest Bank

In a deal that would represent the largest bank to be bought by a credit union, Global Federal Credit Union agreed in January to acquire the $1.5 billion asset First Financial Northwest Bank.

The $11.8 billion-asset Global, which was formerly known as Alaska USA Federal Credit Union, said it will pay $231.2 million in cash for the Renton, Washington-based bank.

Read more: Global Federal Credit Union buying $1.5 billion-asset Washington bank
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Advia Credit Union — NorthSide Community Bank

Advia Credit Union in Kalamazoo, Michigan, announced a deal in January to buy NorthSide Community Bank, based in Gurnee, Illinois.

Upon completion of the deal, the $3 billion-asset Advia would serve approximately 200,000 members across three states with 32 branches. The deal for NorthSide, which has $255 million of assets, is set to close in the third quarter.
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Beacon Credit Union — Mid-Southern Savings Bank

Beacon Credit Union of Wabash, Indiana, entered a deal to buy Mid-Southern Savings Bank in late January. The Salem-based seller has branches in Mitchell and Orleans, and loan production offices in New Albany, Indiana, and Louisville, Kentucky. The bank has $240 million of assets.

The deal "provides Beacon's competitive services and products to new communities and provides a more expansive footprint for our Southern Indiana market," said Dustin Cuttriss, president and CEO of the $1.5 billion-asset Beacon, in a press release.
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Empeople Credit Union — TSB Bank

Empeople Credit Union in Moline, Illinois, said in February it agreed to acquire TSB Bank in Lomira, Wisconsin. It represented the latest in an enduring trend of bank sales involving credit union buyers.

The deal, approved by the boards of both institutions, is expected to close in the fourth quarter. When finalized, the combined institution would have approximately $2.2 billion of assets. Financial terms were not disclosed.

Read more: Midwest deal marks fifth credit union-bank combination of 2024
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Sound Credit Union — Washington Business Bank

Sound Credit Union in Tacoma, Washington, agreed to acquire Washington Business Bank in Olympia.

The cash deal, expected to close in the fourth quarter, would bolster the $2.9 billion-asset credit union's presence in Olympia and expand its commercial lending capabilities. The $105 million-asset Washington Business Bank provides deposit, lending and cash management services to commercial clients as well as deposit products for retail consumers.  

Read more: Credit union to buy second bank, expand in Washington state
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Harborstone Credit Union – Savi Financial

Harborstone Credit Union in Lakewood, Washington, said in March that it would acquire in-state banking peer Savi Financial in an all-cash deal.

The transaction, expected to close in the fourth quarter, would propel Harborstone over the $2 billion-asset threshold. Savi in Burlington has $593 million of assets. The buyer, headquartered close to Tacoma and active in the Greater Seattle area, estimated the price per Savi share on a pre-tax basis would fall within a range of $16 to $17. It marks the $1.9 billion-asset Harborstone's second bank deal in recent months.

Read more: Credit union purchases of banks on pace for record after latest deal
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TDECU — Sabine State Bank

Lake Jackson-based TDECU, the Houston area's largest credit union with $4.7 billion of assets, said in April that it would buy the $1.2 billion-asset Sabine State Bank and Trust in Many, Louisiana. Financial terms were not disclosed. The deal is expected to close in early 2025.

"TDECU is on a growth journey to expand across the state of Texas and beyond," President and CEO Isaac Johnson said in a release announcing the deal. "This acquisition extends our reach to more communities, diversifies our commercial portfolio, and makes our balance sheet even stronger."

The merged institution would have assets of about $6 billion and 471,000 members.

Read more: Houston-area credit union buying bank to expand in energy lending
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Pima Federal Credit Union — RBAZ Bancorp

The $1.2 billion-asset Pima Federal Credit Union in Tucson said in May that it would buy Phoenix-based RBAZ Bancorp's $280 million-asset Republic Bank of Arizona in a deal expected to close in the second half of this year. RBAZ estimated its shareholders would receive about $22 per share, though that calculation was subject to various adjustments, and the bank did not provide a total price tag. It has nearly 1.8 million shares of stock outstanding.  

The acquisition would add Republic Bank's three branches in Phoenix and surrounding markets to Pima's existing branch network in the Tucson metropolitan area. At the end of the first quarter, Pima had $849 million of loans and $1 billion of total shares and deposits. Republic Bank had $200 million of loans and $250 million of deposits.

Read more: Arizona credit union buying bank to expand in Phoenix
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Gesa Credit Union — Security State Corp.

The $5.5 billion-asset Gesa Credit Union in Richland, Washington, agreed to acquire the Centralia, Washington-based Security State Corp. for an undisclosed sum in May.

Gesa quickly recognized the merits of a deal after the $598 million-asset Security State, the holding company for Security State Bank, approached it about a combination, according to Chief Retail Officer Keven Gray. "Through the various vetting processes and the conversations … there just seemed to be such a positive alignment," Gray said in an interview. 
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Atlanta Postal Credit Union — Affinity Bank

The $2.5 billion-asset Atlanta Postal Credit Union said after the market closed on May 30 that it would acquire Affinity Bank in Covington, Georgia, in a deal expected to close late this year or early in 2025.

Atlanta Postal described the deal as a bid to deepen its presence in Georgia's largest city and its surrounding suburbs. The credit union would acquire the $870 million-asset Affinity Bank's branches in Northwest Atlanta and neighboring Newton County.

Read more: Streak of bank sales to credit unions heats to record pace
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ELGA Credit Union — Marine Bank & Trust

ELGA Credit Union in Grand Blanc, Michigan, said June 4 it agreed to acquire Marine Bank & Trust in Vero Beach, Florida, in a bid to expand its footprint and commercial lending operations.

The $1.5 billion-asset ELGA said the all-cash transaction, expected to close early next year, would combine its consumer and low-income lending expertise with Marine Bank's commercial and treasury management offerings. The credit union would also gain a physical presence in Florida, with the $650 million-asset Marin Bank's five branches along the state's east-central coast.

Read more: Michigan-based credit union to acquire Florida bank
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Spokane Teachers Credit Union (STCU) — Community Bank (Joseph, Oregon)

The $5.8 billion-asset Spokane Teachers Credit Union in Liberty Lake, Washington, which operates as STCU, said Tuesday it would acquire the $550 million-asset Community Bank in Joseph, Oregon. The price tag was not disclosed.

STCU, which in 2020 acquired four Umpqua Bank branches in Roseberg, Oregon, said it expected to maintain Community Bank's 10 branches and retain all of its employees. The buyer anticipated closing the deal in early 2025.

Read more: Credit unions extend bank-buying spree
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U.S. Eagle Federal Credit Union — Southwest Capital Bank

U.S. Eagle Federal Credit Union in Albuquerque — New Mexico's largest market — plans to acquire cross-city rival Southwest Capital Bank in a bid for business line expansion and scale.

The deal marked the 14th this year involving a bank selling to a credit union. It put the industry on track to set an annual record for such combinations. The all-time annual high of 16 was set in 2022. The industry already surpassed the 2023 total of 11 deals.

Read more: Deal in New Mexico lifts credit union-bank merger tally to 14
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REV Federal Credit Union — First Neighborhood Bank

The $1.1 billion-asset REV Federal Credit Union in suburban Charleston, South Carolina, said it planned to acquire the $150 million-asset First Neighborhood Bank in Spencer, West Virginia. REV executives touted the deal as a strategic move to gain scale and diversify its footprint. The credit union currently operates in the Carolinas and would enter West Virginia.

REV did not disclose financial terms or a targeted time frame to close the deal. First Neighborhood would give the 67,000-member REV another 7,000 members. REV has 11 branches in South Carolina and four in North Carolina. 

Read more: Credit union-bank mergers approach all-time high
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ESL Federal Credit Union — Generations Bancorp

ESL Federal Credit Union in Rochester, New York, said it planned to acquire in-state rival Generations Bancorp in Seneca Falls. It marked the 16th deal so far this year involving a credit union buying a bank – tying the record for such transactions first set in 2022. The industry already surpassed the 2023 total of 11.

Read more: Credit union-bank mergers tie record with deal in New York
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OneAZ Credit Union — 1st Bank Yuma

OneAZ Credit Union in Phoenix said it struck a deal with Western Arizona Bancorp to acquire its 1st Bank Yuma subsidiary. The transaction marked the 17th so far this year involving a credit union buying a bank – eclipsing the all-time record for such transactions.

The $3.4 billion-asset OneAZ said in a press release the all-cash deal — a bid for scale and diversity — would add more than $600 million of assets, about 20,000 more members and five branches. The acquisition would "significantly" expand its reach in Southern Arizona. Yuma is a city in the southwestern corner of Arizona, near the borders of California and Mexico. 

Read more: OneAZ Credit Union's bank purchase breaks all-time deal tally
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HAPO Community Credit Union — Community First Bank

HAPO Community Credit Union in Richland, Washington, agreed to acquire in-state banking peer Community First Bank in Kennewick. Financial terms of the deal were not disclosed. The transaction is expected to close in the third quarter of 2025.

The deal marked the 18th of 2024 involving a credit union buying a bank. That extended a record set earlier in October. Before this year, the most credit union-bank deals in a year was 16 in 2022. HAPO's planned acquisition also marked the fifth of these deals involving a bank based in Washington.

Read more: Former RBC exec Ahn gets new job; Citi's Raghavan shakes up team
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Y-12 Federal Credit Union — First State Bank of the Southeast

Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it inked a deal to acquire First State Bank of the Southeast in Middlesboro, Kentucky.

The transaction, expected to close in early 2025, marked the 19th deal in 2024 involving a credit union buying a bank — extending a record run for such transactions. The industry earlier this year surpassed the 2023 total of 11 and the prior annual record of 16 set in 2022.

Read more: Record run for CU-bank deals extends with Kentucky acquisition
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DFCU Financial — Winter Park National Bank

DFCU Financial is buying Winter Park National Bank in suburban Orlando, Florida, its second whole-bank deal in the state in as many years, as the Dearborn, Michigan-based credit union adds scale and continues its build-out in the Sunshine State.

In 2023, the $6.6 billion-asset DFCU bought First Citrus Bancorporation in Tampa and acquired two branches from MidWestOne Financial Group — one in Naples and the other in Fort Myers.

Read more: Michigan credit union lands second bank deal in Florida
Daniel Wolfe
Content Director, Payments and Credit Unions, American Banker
Credit unions M&A Community banking
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