Veridian Credit Union completes acquisition of AIBM, expands field of membership to eight Minnesota counties
WATERLOO, IA (September 25, 2023) — Waterloo, Iowa-based Veridian Credit Union (Veridian) has finalized its acquisition of Eden Prairie, Minn.-based American Investors Bank and Mortgage (AIBM). The purchase received unanimous approval from the board of directors at both organizations and obtained all required regulatory approval, allowing it to become final on August 22.
“We’re excited to welcome the employees and clients of AIBM to Veridian and eager to become a part of the Eden Prairie community,” said Veridian President and CEO Renee Christoffer. “Combining our resources will create greater access and opportunity for AIBM clients and Veridian members alike. The future we share is bright.”
The acquisition also marks Veridian’s entry into the state of Minnesota, expanding the credit union’s field of membership to include eight counties surrounding the Twin Cities, including Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright.
“American Investors Bank and Mortgage clients will continue to experience the personalized service they are accustomed to and will benefit from additional services offered by Veridian, along with the ability to meet the needs of an expanded base of clients,” said former AIBM CEO David Coauette, who announced his retirement with the transaction’s completion after 21 years of service.
Veridian retained all 14 remaining AIBM employees. After eight years as AIBM’s President, Tom Fleck accepted the position of Veridian’s Twin Cities regional manager. Veridian’s Carina Vandenakker will report to Fleck as branch manager for the Eden Prairie branch, the sole office previously operated by AIBM. Vandenakker has worked at Veridian for 16 years, including 11 years as a branch manager.
American Investors Bank and Mortgage was chartered in 2004 in Edina, Minnesota. The bank reported approximately $113 million in assets as of September 30, 2022. AIBM was advised by Winthrop & Weinstine PA as legal counsel and Oak Ridge Financial as financial advisor. Veridian was advised in the transaction by Honigman LLP as legal counsel and Hovde Group as financial advisor.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its 329,000 members. The credit union offers a full range of business and consumer financial services with more than 1,000 employees and 32 branches across Iowa, eastern Nebraska and the Twin Cities metro area. For more information, visit veridiancu.org or call (800) 235-3228