Credit unions buying banks: Good, bad, or plain ugly
Eight times so far this year a credit union has bought a bank, according to Credit Union Times’ count. Some deals are small – Verve for instance paid $43 million to buy South Central Bank in Chicago.
Some are bigger. Arizona Federal Credit Union is ponying up $236 million to buy Pinnacle Bank in Scottsdale.
In Florida – where the recent credit union buying a bank trend kicked off in 2015 when Achieva Credit Union bought Calusa Bank for $23.2 million — there have been three buy outs of banks by credit unions so far this year.
In the Chicago area, there also have been three purchases of banks by credit union so far this year.
This isn’t an entirely new phenomenon. The first deal dates to July 2011 when United FCU bought Griffith Savings Bank in Indiana.
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