Veridian Credit Union to acquire Minnesota-based American Investors Bank and Mortgage
WATERLOO, IA (December 6, 2022) —
Waterloo, Iowa-based Veridian Credit Union (Veridian) and Eden Prairie, Minn.-based American Investors Bank and Mortgage (AIBM) have entered into a purchase agreement for Veridian to acquire the bank. The board of directors at both financial institutions have unanimously approved the transaction. It’s now subject to regulatory approvals and is expected to be finalized in July 2023.
American Investors Bank and Mortgage was chartered in 2004 in Edina, Minnesota and has been a locally owned, independent community bank since that time. AIBM proudly serves the city of Eden Prairie and surrounding Twin Cities metro communities. The bank reported approximately $113 million in assets as of September 30, 2022. AIBM CEO David Coauette is planning to retire at the transaction’s completion after 21 years of service. Veridian will retain all 14 remaining AIBM employees and its sole location.
“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 Coauette.
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its 311,000 members. Veridian operates 30 branches across Iowa and eastern Nebraska with 985 employees and $6.8 billion in assets. This acquisition will mark Veridian’s entry into the state of Minnesota.
“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.”
Veridian was advised in the transaction by Honigman LLP as legal counsel and Hovde Group as financial advisor. AIBM was advised by Winthrop & Weinstine PA as legal counsel and Oak Ridge Financial 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