Waterloo, Iowa-based Veridian Credit Union is entering Minnesota by acquiring Eden Prairie-based American Investors Bank and Mortgage.
The deal, announced Dec. 6 in a press release, is expected to close next summer. The price of the deal has not been disclosed.
Founded in 1934 as John Deere Employees Credit Union by a few employees of the ag manufacturing giant, the CU’s field of membership was extended in 1986 to those living or working in nearby Cedar Falls, Iowa. John Deere requested the CU to stop using its name in 2004 to avoid trademark confusion. Two years later, the CU changed its name to Veridian Credit Union. Today, the $6.7 billion organization has 311,000 members and 30 branches in Iowa and eastern Nebraska.
The $112 million American Investors Bank and Mortgage is a wholly-owned subsidiary of Bank Financial Services, Inc.
Oak Ridge Financial acted as exclusive financial adviser to the seller, Bank Financial Services, Inc.