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ST. JOSEPH — United Federal Credit Union, headquartered in St. Joseph, announced on Jan. 1 that it completed its purchase of the assets of Griffith Savings Bank, headquartered in Griffith, Ind.
The purchase marks the first time a federally chartered credit union has purchased the assets of a state-chartered, FDIC-insured mutual savings bank, according to a statement from UFCU. Final approvals from federal regulators were issued in mid-December.
Under the terms of the deal, UFCU acquired all loans, investments, real estate, accrued interest receivables and other banking-related assets of GSB with an estimated value of approximately $80 million. The credit union assumed all deposits, Federal Home Loan Bank advances, and accrued interest payable of approximately $80 million.