The economic and political conditions are in place for bank-credit union mergers to blow past last year's total of 13 despite the banking industry's strong opposition to them.
Jeff Disterhoft, head of Iowa's GreenState Credit Union, has led the purchase of four banks and has more deals in the works. On the podcast, he discusses the credit union's acquisition strategy and learnings.
The commissioner of the Tennessee Department of Financial Institutions said Orion Federal Credit Union's deal for Financial Federal Bank violates the Tennessee Banking Act.
Dive Brief:
North Liberty, Iowa-based GreenState Credit Union is buying two banks Oak Brook, Illinois-based Oxford Bank & Trust and Omaha-based Premier Bank, the credit union announced Tuesday.
The deals, each expected to close by the fourth quarter of 2021 pending regulatory approval mark the third and fourth banks to be bought by a credit union this year.
Credit union purchases of banks typically draw objections from trade groups such as the Independent Community Bankers of America (ICBA), which argues credit unions’ tax-exempt status allows them to offer a higher purchase price for acquisitions than banks can, and lets them grow more freely.