Heritage Federal Credit Union in Newburgh, Ind., has agreed to buy The Elberfeld State Bank, with the deal set to close in the first quarter of 2021.
The $82 million bank has three offices in Elberfeld, Evansville and Haubstadt, Ind. It had $41 million in net loans and leases in the first quarter, down from $47 million a year prior. It had net income of $632,000 in 2019 and $805,000 in 2018.
“We are excited for the opportunity to partner with The Elberfeld State Bank to further help our communities grow and flourish,” said David Milligan, CEO of the $730 million Heritage Federal. “Heritage’s strong consumer loan and mortgage loan business will nicely complement the extensive commercial loan business that the bank has been so successful in building over the years. We look forward to joining forces with [Elberfeld State Bank CEO] Curtis Ritterling and the rest of the Bank’s team to make the people and communities we serve even more successful.”
The deal would bring Heritage Federal’s assets to over $810 million with thirteen locations in the Evansville, Ind., MSA.
Heritage’s legal advisor was Dentons Bingham Greenebaum LLP. The Elberfeld State Bank’s investment banker was The Hovde Group and its legal advisor was Barnes & Thornburg LLP.