A focus bank is acquired
3Rivers Federal Credit Union and West End Bank S.B. Announce Strategic Acquisition Fort Wayne, Indiana and Richmond, Indiana –Three Rivers Federal Credit Union (“3Rivers”), and West End Indiana Bancshares, Inc. (“West End Indiana Bancshares”) (OTC: WEIN), the holding company of West End Bank S.B. (“West End Bank”), announced today that they have signed a definitive purchase and assumption agreement whereby 3Rivers, headquartered in Fort Wayne, Indiana, will acquire the assets and assume the liabilities of West End Bank, headquartered in Richmond, Indiana, in an all-cash transaction. Following the completion of this transaction, West End Indiana Bancshares and West End Bank will settle their remaining obligations and distribute their remaining cash to the West End Indiana Bancshares stockholders. West End Bank operates four bank branches in Richmond, Liberty and Hagerstown, Indiana and had approximately $298.8 million in assets, and 24,000 customers as of March 31, 2019. 3Rivers currently operates 16 branches in a seven-county area in northeast Indiana and northwest Ohio, and has 82,000 members. This strategic acquisition will increase 3Rivers’ total number of branches to 20, members to 106,000, over 400 employees and total assets to approximately $1.4 billion. West End Indiana Bancshares was created in connection with the 2012 conversion of West End Bank’s prior federal mutual holding company from the mutual to the stock form. As a part of such conversion, a liquidation account was created for the benefit of certain depositors of West End Bank. Since the sale of assets and liabilities to a credit union by an institution which had converted from mutual to stock form under the current federal rules has not yet been implemented by any other institution, there are certain uncertainties associated with the treatment of the liquidation account. As a ...
