Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Maryland CU's Bank Purchase Approved By Shareholders
BALTIMORE (12/4/13)--Municipal Employees CU of Baltimore will take over operations of Advance Bank Dec. 12 after shareholders of the bank approved the sale of the bank to the $1.2 billion credit union, the credit union confirmed Tuesday.
 
The credit union-bank acquisition is the first of its kind in Maryland.
 
Letters have been sent to Advance Bank customers advising them of the transition, Dorothea Stierhoff, MECU senior public relations manager, confirmed with News Now.
 
The data processing conversion is expected to be completed by early March, Stierhoff said.
 
The purchase and assumption agreement for the acquisition was approved by Maryland Commissioner of Financial Regulation Mark Kaufman in October (News Now Nov. 1).
 
MECU's purchase of Advance is the fifth credit union acquisition of a bank since 2011.  FiveStar CU, Dothan, Ala., signed an agreement to purchase Flint River National Bank, Camilla, Ga., in September. It is subject to regulatory review. The National Credit Union Administration approved New Berlin, Wis.-based Landmark CU's request to purchase and assume Hartford Savings Bank in February (News Now March 18).
 
GFA FCU, Gardner, Mass., acquired Monadnock Community Bank in December 2012. United FCU, based in St. Joseph, Mich., purchased Griffith (Ind.) Savings Bank in December 2011 (News Now April 4).


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 minutes ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
31 minutes ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
2 hours ago