LIMA, Ohio—The $918-million Superior Credit Union has agreed to buy a branch from United Fidelity Bank.
The $800-million United Fidelity, headquartered in Evansville, Ind., will sell its office located at 411 Ludlow Avenue in Cincinnati, giving Superior 22 offices in throughout western Ohio, the CU reported.
The sale of the Cincinnati branch includes the branch’s deposits ($19 million) as well as other assets, Superior stated, adding bank staff at the location will be offered similar positions with Superior Credit Union.
The transaction is subject to regulatory approval and is expected to close in the second quarter of 2019.
“We are very excited to expand our branch network and presence in the Cincinnati market. We think this is an excellent geographic fit for us and look forward to expanding our business relationships in this market,” said Phil Buell, president and CEO of Superior Credit Union.
“The sale of our single Cincinnati location will allow us to more closely focus on our core markets and help provide the resources required to support our strategic initiatives. We appreciate and thank our Cincinnati employees and the community served by the Clifton Branch for their support. We are confident that Superior Credit Union will continue to serve them well,” said Donald R. Neel, president and CEO of United Fidelity.
“This is just another indication credit unions have embraced non-organic growth via acquisition on the bank side of the deal,” said Michael Bell, attorney and counselor at Royal Oak, Mich.-based Howard & Howard Bell, who is representing Superior. Bell has been part of 26 CU whole bank acquisitions, and a large number of CU/bank branch acquisitions. “The pace of both kinds of deals—whole bank buys and branch acquisitions—is picking up. We’ve already seen two bank deals since the start of the year and more are coming. This is our first branch deal to announce and another should announce within the next 30 days.”