COLUMBUS, Ohio – Nationwide Bank said yesterday it has received approval from the federal Office of Thrift Supervision for its acquisition of Nationwide FCU and plans to use the credit union to launch its national savings bank on Jan. 2. Under the unusual deal, the $540 million credit union converted to a mutual savings bank, then Nationwide Bank, a shell thrift created by Nationwide Insurance, paid the credit union members $29 million for their shares, the first time a credit union has been acquired for a payment to members. The new thrift will operate out of the credit union’s offices in the insurer’s Columbus headquarters and a branch in nearby Dublin, Ohio.
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