Crane Credit Union to buy Indiana bank

Crane Credit Union in Odon, Ind., has agreed to buy Community State Bank of Southwestern Indiana in Poseyville.

The deal, announced Thursday, would extend the $635 million-asset Crane’s reach into southwestern Indiana. It currently has 14 branches in central and southern parts of the state.

The $85 million-asset Community State Bank has six branches in Posey County, according to data from the Federal Deposit Insurance Corp.

Crane plans to continue operating all of the bank’s branches. The price of the deal, which is expected to close later this year, was not disclosed.

Kevin Sparks, president and CEO of Crane Credit Union

“We are excited to announce the acquisition of Community State Bank of Southwestern Indiana and we look forward to welcoming their customers and employees to Crane Credit Union,” Kevin Sparks, Crane's president and CEO, said in a press release. “This acquisition exemplifies our commitment to Southwestern Indiana and we are eager to begin serving the communities of Posey County.”

There has been a surge of credit unions buying banks in recent years, though a number of these deals have run into issues. Last month, Suncoast Credit Union and Apollo Bank called off their merger because of delays with regulatory approval tied to the coronavirus pandemic.

And earlier this year Colorado state regulators prevented Elevations Credit Union from buying Cache Bank & Trust, while Iowa bank regulators attempted to stop a credit union from buying branches from a bank in the state.

Performance Trust Capital Partners was financial adviser and Krieg DeVault served as legal counsel to Crane on the Community State deal. The financial adviser for Community State Bank was Donnelly Penman & Partners and Dentons Bingham Greenebaum was legal counsel.