MECU of Baltimore, Inc. completes its purchase and assumption of Advance Bank
BALTIMORE, MD (December 12, 2013) — At the close of business today, MECU of Baltimore, Inc. (MECU) completed its purchase and assumption of Advance Bank (Advance). MECU will now focus on completing the transfer of the Advance account information to the MECU system, which is expected to take place the first weekend in March 2014.
This transaction required not only approval of federal banking and credit union regulators, but also approval from state regulators since MECU is state chartered. The purchase includes all loans, investments, real estate, accrued interest receivables, and other banking-related assets of Advance. MECU will also assume all deposits, Federal Home Loan Bank advances, and accrued interest payable.
We are pleased to join the MECU family,” said John Hamilton, CEO and President of Advance Bank. “We are extremely excited about the completion of this transaction. MECU share our values and commitment to the community. Our customers will have greater access to a broad range of products and services.”
MECU President and CEO, Bert J. Hash Jr. said, “We look forward to welcoming the Advance customers to the MECU family. As Baltimore’s credit union, we are committed to providing the best possible financial products and services to our members. This transaction lets us serve more people within our community.”
MECU is a member-owned not-for-profit financial cooperative committed to providing its members with high quality financial services through sound management and innovation for over 75 years. It represents over 100,000 members, with assets over $1.2 billion.