Interra CU Completes Acquisition Of Ohio Bank, Adds Four Branches
By CU Today Staff —
GOSHEN, Ind.—The $2-billion Interra Credit Union has completed its acquisition of The Hicksville Bank in Hicksville, Ohio, after receiving all required regulatory approvals, expanding the credit union's footprint into Ohio and strengthening its presence in northeastern Indiana.
The transaction adds four branches in Hicksville and Edgerton, Ohio, and Auburn and Grabill, Ind. As previously reported by CUToday.info, the acquisition was first announced in April and involved a bank with approximately $225 million in assets.
"This acquisition brings together two financial institutions that share a deep commitment to the people and communities they serve," said Amy Sink, president and CEO of Interra Credit Union. "This next chapter is about continuing the relationships The Hicksville Bank has built over generations while bringing new opportunities and resources to the communities Interra Credit Union is now proud to serve."
The acquisition closes a deal that became a contentious test case for credit union-bank acquisitions in Ohio. As CUToday.info reported in May, the Ohio Bankers League threatened regulatory challenges, legislative action and litigation, arguing state law did not authorize such a sale to a credit union. The transaction was described at its announcement as the first credit union acquisition of an Ohio bank.
A major obstacle was removed in August when the Ohio Division of Financial Institutions concluded that The Hicksville Bank had the legal authority to proceed. As CUToday.info reported at the time, the regulator relied on Ohio's bank parity statute to reject the argument that state law prohibited the transaction. Federal approval remained necessary, a requirement Interra now says has been satisfied.
Originally reported by CU Today.