INDIANAPOLIS–Indiana Members Credit Union announced it is acquiring Evansville, Ind.-based Commerce Bank.
The $2-billion IMCU is purchasing the bank’s holding company, First Light Bancorp, for estimated cash consideration of $11.25 to $11.40 for each share of First Light Bancorp common stock. With more than 3 million shares outstanding, the acquisition is valued at $34.3 million to $34.7 million.
By coincidence, as CUToday.info reports elsewhere, the acquisition was announced on the same day the state’s regulator was sharing with the NASCUS’ State System Summit in San Francisco how Indiana has made changes making such purchases easier.
Commerce Bank was founded in 2006 and has had assets of $195.8 million as of June 30. The state-chartered bank serves 2,000 customers through two branches in Evansville, a branch in Clarksville and a loan-production office in New Albany, according to the Indianapolis Business Journal. It has 31 full-time employees.
IMCU has 127,000 members and 27 locations in central Indiana. Along with 317 full-time employees.
Commerce Bank’s locations will operate as IMCU offices after the deal closes, wth the credit union saying it plans to retain Commerce Bank’s employees, including its CEO, Luke Yaeger, the Business Journal reported.
“Our combined size will provide even more opportunities for Commerce Bank commercial borrowers to grow, and our robust consumer offerings will assist individuals in these communities to reach their financial goals,” IMCU chief executive Ron Collier said in a written statement.
Added Yeager in a statement, “We are thrilled to join Indiana Members Credit Union because of the expanded opportunities it brings to our customers, our employees, and our communities. IMCU has the financial strength, systems infrastructure and expanded products to help us tap into a larger customer base and accelerate growth.”
According to the Business Journal, First Light Bancorp, Inc. and Commerce Bank are being represented in this transaction by Smith Amundsen and Keefe, Bruyette and Woods. IMCU is being represented by Krieg DeVault and Renninger & Associates, LLC.