ST. JOSEPH, Mich. – On Jan. 1., United Federal Credit Union here officially completed the purchase of Griffith Savings Bank, Griffith, Ind.
The deal marks the first time a federal credit union has ever purchased a state-chartered, FDIC-insured mutual savings bank. The $1.3-billion credit union is acquiring approximately $80 million in assets under the deal, which includes all of Griffith Savings Bank with the exception of certain assets to be used to fund the bank’s employee benefit plan.
“The purchase of Griffith Savings Bank is a major achievement for us,” said the credit union’s CEO, Gary L. Easterling. “We have, of course, set an important precedent in the world of banks and credit unions, but even more importantly, we look forward to bringing our style of people-first member service to the residents of Griffith.”
