BALTIMORE—All that's left for Municipal Employees CU of Baltimore to close the deal on its purchase of Baltimore-based Advance Bank is shareholder approval.
Maryland's Office of the Commissioner of Financial Regulation and the Federal Deposit Insurance Corp. have given their approvals, said Michael Bell, attorney and counselor with Royal-Oak, Mich.-based Howard & Howard, who represents the $1.2 billion MECU.
Bell stated that he expects the purchase to be completed by the end of the year.
There have been four other credit union acquisitions of banks over the past two years: In Baltimore, Municipal Employees CU of Baltimore is purchasing $61 million Advance Bank; Wisconsin's Landmark CU acquired Hartford Savings Bank; Massachusetts' GFA FCU acquired New Hampshire's Monadnock Savings Bank; and the credit union that put everything in motion—Michigan's United FCU acquisition of Griffith Savings Bank in Indiana.
(Bell also represents United FCU and GFA FCU.)
