Three Rivers Federal Credit Union (3Rivers) has signed a definitive agreement to acquire West End Bank through an all-cash transaction.
West End Bank, a subsidiary of West End Indiana Bancshares, operates four bank branches in Indiana. As of 31 March this year, it had $298.8m in assets and 24,000 customers.
Go deeper with GlobalData
West End Bancshares estimates that its stockholders will receive between $34.91 and $36.81 in cash for each share. However, the final value of the consideration is subject to several factors including future operating results.
3Rivers president and CEO Don Cates said: “This acquisition will allow us to expand our footprint to serve more people and communities in Indiana, and it will result in expanded product, service and technology offerings for West End Bank’s customers as well.
“We look forward to getting to know and investing in Wayne and Union Counties, as we begin the transition process.”
Following the deal, 3Rivers’ total assets will increase to nearly $1.4bn with more than 400 employees. Its branch network will comprise 20 offices and member strength will boost to 106,000.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWest End Bank president and CEO Timothy Frame said: “We are thrilled about our new partnership with 3Rivers Federal Credit Union because of the expanded opportunities it brings to our customers, our employees, and our communities.
“3Rivers is a proven leader in providing the highest level of financial services, while also sharing our commitment to strong community support.”
The West End Bank acquisition is expected to close in the first quarter of 2020. The completion is subject to customary closing conditions including regulatory approvals and green light from West End Indiana Bancshares’s stockholders.
