WASHINGTON – The FDIC said today it approved the acquisition of Griffith (Indiana) Savings Bank by United FCU of St. Joseph, Mich., the first bank to be acquired by a credit union.

The deal has already been approved by NCUA and is expected to be completed by year-end.

United, with $1.3 billion in assets, plans to continue operating the $81 million bank’s single branch.

The acquisition of 73-year-old is being constructed as a so-called purchase and assumption because of the declining financial condition of the bank.

United, the one-time Whirlpool Employees credit union, has a recent history of acquiring troubled institutions, including the 2009 deal for Clearstar Financial CU, a one-time $175 million Reno, Nev., credit union failure.

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