Indiana credit union agrees to buy community bank
Indiana Members Credit Union in Indianapolis has agreed to buy Commerce Bank in Evansville, Ind.
The $2 billion-asset credit union said in a press release Wednesday that it will buy the $195.8 million-asset bank from First Light Bancorp. It will pay $11.25 to $11.40 a share in cash for the bank, subject to adjustment at closing.
The deal is expected to close in the first quarter.
After the deal closes, First Light and Commerce will settle any remaining obligations and distribute all remaining cash to First Light shareholders. Commerce’s management team, including President and CEO Luke Yaeger, and its 31 employees will join the credit union.
Commerce has 2,000 customers, three branches and a loan production office.
“Our combined size will provide even more opportunities for Commerce … commercial borrowers to grow and our robust consumer offerings will assist individuals in these communities to reach their financial goals,” Ron Collier, the credit union’s president and CEO, said in the release.
First Light and Commerce were advised by Keefe, Bruyette & Woods and Smith Amundsen. The credit union was advised by Krieg DeVault and Renninger & Associates.