Indiana Members Credit Union agreed to purchase Commerce Bank, Evansville, Ind., just two weeks after another Indiana CU community bank acquisition.
Commerce Bank operates two branches in Evansville and Clarksville, Ind., and one loan production office in New Albany, Ind.. The $195.8 million bank serves 2,000 customers and employs 31 full-time members of staff as of June 30.
IMCU’s 317 full-time employees serve more than 127,000 members at 27 locations in central Indiana. Commerce Bank’s current locations will operate as the Indiana credit union’s offices, and the bank’s customers will become the credit union’s members.
“We are thrilled to join Indiana Members Credit Union because of the expanded opportunities it brings to our customers, our employees and our communities,” said Luke Yaeger, president and CEO of Commerce Bank. “IMCU has the financial strength, systems infrastructure and expanded products to help us tap into a larger customer base and accelerate growth.”
Commerce bank operates under the holding company First Light Bancorp, Inc. Its stockholders are estimated to receive between $11.25 and $11.40 in cash consideration for each share of First Light Bancorp common stock.
Although, the amount of the per-share consideration might vary depending on Commerce Bank’s equity on closing, the amount of corporate-level taxation of the transaction, any remaining liability amount at the holding company, the bank and holding company dissolution costs, and future operating results.
Both institutions’ board of directors unanimously approved the transaction. The acquisition is expected to close in the first quarter of 2020.
“We look forward to assisting Luke Yaegar and his team in Evansville and Bill White and his team in Clarksville in building on their existing customer relationships,” said Ron Collier, IMCU’s president and CEO.
“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,” Collier said.