United Federal Credit Union in St. Joseph, Mich., has agreed to buy Edgewater Bank in St. Joseph.
The deal will provide some consolidation in St. Joseph, though United maintains a presence in several states. It is the seventh deal announced this year with a credit union acquiring a bank. The deal is expected to close next spring; United did not disclose the price.
“This collaboration is all about the community," United CEO Terry O'Rourke said in a Tuesday press release. "Our two organizations are 100% committed to local decision making, local investment and local involvement, and we both want to fortify that real local focus. Together, we can do more for the financial well-being of everyone that calls Southwest Michigan home.”
Edgewater customers who join the credit union will have access to a more products and services, and existing United members will have access to additional branches.
One Edgewater branch will be closed given its proximity to another United branch. All staff from that branch are expected to be maintained.
Rick Dwyer, the bank's president and CEO, will become a community president at United when the deal is completed.
United has $3.3 billion in assets and more than 177,000 members. It was the fifth-largest credit union in Michigan on June 30, according to data from the National Credit Union Administration. Edgewater had $228 million of assets at June 30.
Honigman and McQueen Financial Advisors advised United. Edgewater was advised by Luse Gorman and Donnelly Penman & Partners.
