Indiana credit union to acquire in-state bank

Wabash, Ind.-based Beacon Credit Union will acquire Salem, Ind.-based Mid-Southern Savings Bank later this year. 

The acquisition, announced Jan. 26, is Beacon’s first of a community bank and continues its recent expansion into southern Indiana. 

The combined organization will have $1.7 billion in assets in Indiana with 22 retail locations and seven LPOs. Headquartered approximately 40 miles northwest of Louisville, Ky., the $265 million bank has branches in Mitchell and Orleans, Ind., and LPOs in New Albany, Ind., and Louisville. Beacon Credit Union expects to keep all of MSB’s branches and LPOs open following the closing of the transaction, which is anticipated in either the third or fourth quarter of this year.  

“We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and communities,” said Beacon President and CEO Dustin Cuttriss. “This acquisition is a win-win for everyone involved as it provides Beacon’s competitive services and products to new communities and provides a more expansive footprint for our southern Indiana market. We extend a warm welcome to the customers of Mid-Southern Savings Bank.”

The deal was the second CU-bank acquisition announced in two days. On Jan. 25, Oshtemo, Mich.-based Advia Credit Union announced its plan to further expand in Illinois by acquiring Gurnee, Ill.-based NorthSide Bank. 

Beacon Credit Union is being advised by Grosse Pointe Woods, Mich.-based investment banking firm Donnelly Penman & Partners, Inc., and Indianapolis-based law firm Barnes & Thornburg LLP. Both Mid-Southern Bancorp and Mid-Southern Savings Bank are being advised by Minneapolis-based investment banking firm Piper Sandler & Co. and Indianapolis-based law firm Luse Gorman, PC.