Crane Credit Union to buy Indiana bank

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

The $635 million-asset credit union said in a press release Thursday that the deal would extend its reach into southwestern Indiana. Crane has 14 branches in the central and southern parts of the state.

Crane did not disclose the price it will pay. The deal is expected to close later this year.

The $85 million-asset Community State Bank has six branches in Posey County, according to the Federal Deposit Insurance Corp. Crane plans to continue operating all of the bank’s branches.

Crane Credit Union, led by CEO Kevin Sparks, is the latest credit union to announce plans to buy a bank.

“We are excited to announce the acquisition ... and we look forward to welcoming their customers and employees to Crane,” Kevin Sparks, the credit union's president and CEO, said in the 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. 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 and Krieg DeVault advised Crane. Donnelly Penman & Partners and Dentons Bingham Greenebaum advised Community State Bank.

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