Indiana CU signs bank deal

Crane Credit Union, Odon, Ind., will buy Community State Bank of Southwestern Indiana, Poseyville.

The $90 million Community State Bank has six branches in Poseyville, Cynthiana, Mount Vernon, St. Wendel, St. Phillip and New Harmony.

“We at CSB are very proud of our dedicated staff, as well as the many valued clients that we have served through the years,” said CSB President Steve Bennett. “This partnership with Crane Credit Union will provide even more products and support for our customers and additional opportunities for our staff.”

The deal will bring CCU’s total number of branches to 20 and total assets to over $750 million.

“Our partnership with Community State Bank of Southwestern Indiana represents a strategic opportunity for Crane to expand our community-focused, member-centric business model into the Southwestern Indiana market,” said CCU Chair Gary E. Gray, Jr. “CSB has built a solid community banking franchise in this market upon which Crane plans to build by offering additional products and services to CSB’s current and prospective clients.”

Performance Trust Capital Partners, LLC served as financial advisor and Krieg DeVault LLP acted as legal counsel to Crane Credit Union.  Donnelly Penman & Partners served as financial advisor and Dentons Bingham Greenebaum LLP acted as legal counsel to CSB.