BALTIMORE (4/5/13)--Municipal Employees CU of Baltimore announced Thursday it has agreed to buy the $61 million asset Advance Bank, also of Baltimore.
The agreement is subject to regulatory approvals and expected to close in the fourth quarter, MECU said.
"Advance has served its community well for over 50 years, and we look forward to building on that relationship and to bringing expanded products, services and convenience to its members," said Bert Hash, CEO of MECU.
MECU, with $1.2 billion in assets, will acquire all loans, investments, real estate, accrued interest receivables and other banking-related assets of Advance Bank. The credit union will also assume the bank's deposits, Federal Home Loan Bank advances, and accrued interest payable.
Advance Bank has two branches.
MECU's purchase of Advance is the fourth credit union acquisition of a bank since 2011. The National Credit Union Administration approved New Berlin, Wis.-based Landmark CU's request to purchase and assume Hartford Savings Bank last month (News Now March 18).
GFA FCU, Gardner, Mass., acquired Monadnock Community Bank in December (News Now Dec. 12). United FCU, based in St. Joseph, Mich., purchased Griffith (Ind.) Savings Bank in December 2011 (News Now Dec. 15, 2011).