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).