Indiana credit union agrees to buy another bank

Register now

Crane Credit Union in Odon, Ind., has lined up its second bank acquisition of 2020.

The $700 million-asset credit union said in a press release Wednesday that it will pay cash for all the assets and substantially all of the assets of Our Community Bank from Home Financial Bancorp in Spencer, Ind. The deal is expected to close next year.

Crane will pay $10.75 to $11.25 a share for the bank, or a price that is equal to 137% to 143% of Home Financial’s book value.

Our Community Bank has $74 million in assets, including $52 million in loans, and $56 million in deposits.

“We look forward to assisting the Our Community Bank team in … building on their existing customer relationships,” Kevin Sparks, Crane’s president and CEO, said in the release. “By teaming with [the bank], we will expand our services to Owen and Putnam counties, which fit within our existing market areas.”

Crane agreed in June to buy Community State Bank of Southwestern Indiana in Poseyville.

Performance Trust Capital Partners and Krieg DeVault advised Crane. Renninger & Associates and Barnes & Thornburg advised Home Financial.

For reprint and licensing requests for this article, click here.
Community banks M&A Credit unions Indiana