Honor CU Buys Branch, Member Accounts From Edgewater Bank

ST. JOSEPH, Mich. — Honor CU, fresh off its acquisition of $80 million SIR FCU and its three branches, has agreed to buy the Decatur, Mich., branch of St. Joseph-based Edgewater Bank, along with 850 customer accounts and $14 million in assets.

Honor, which has $550 million in assets after the SIR deal, expects regulatory approval for the rare bank deal by the end of the year.

"We are excited to work with our new members in Decatur and the surrounding areas," said Scott McFarland, president of Honor CU.

Financial terms of the branch deal were not disclosed.

The fast-growing credit union is also in the process of centralizing its headquarters and operations center in Berrien Springs, Mich., where it is constructing a new building.

Honor has agreed to acquire SIR FCU, but is still awaiting approval from NCUA and state regulators, as well as a vote by SIR membership.