Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
MECU To Acquire Bank in Baltimore
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).


RSS





print
News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
7 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
7 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
7 hours ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
9 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
12 hours ago