Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Two CUs acquire bank branches
KLAMATH FALLS, Ore. and JACKSON, Miss. (3/22/12)--Two credit unions, one in Oregon and the other in Mississippi, announced in the past week that they are acquiring bank branches.

A purchase and assumption agreement that results in the transfer of two PremierWest Bank branches located in Dorris and Tulelake, Calif., to Pacific Crest FCU in Klamath Falls, Ore., was announced Monday. The announcement was made by Jim Ford, president/CEO of PremierWest Bancorp, the parent company of PremierWest Bank, and Kathie Philp, president/CEO of the $124.2 million asset Pacific Crest FCU (Marketwire March 19).

The two bank branches were scheduled to be closed April 20. However, both branches will remain open and transition to Pacific Crest late in the second quarter, with no interruption in service.

The acquisition has been approved by PremierWest Bank's and Pacific Crest's boards of directors. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.

Hope FCU, a $140.3 million asset credit union based in Jackson, Miss., announced earlier this month that is has acquired the former BancorpSouth branch in Utica, Miss. (The Clarion-Ledger March 15).

Before the grand opening this spring, the building will undergo minor renovations, Hope FCU told the newspaper. BancorpSouth closed the Utica branch last August, leaving customers without banking services in the community. Hope FCU opened a temporary branch inside the Utica Town Hall to help fill the void and then moved to a modular branch in October, the paper said.


RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
3 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
4 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
5 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
6 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
7 hours ago