Teachers Credit Union (TCU) has entered into an agreement to acquire New Buffalo Savings Bank, with $119.5 million in assets and three bank branches in New Buffalo, Sawyer and Three Oaks, Michigan. This strategic acquisition will increase TCU’s total number of branches to 57 and total assets to approximately $3.2 billion.
The transaction has been unanimously approved by the board of directors of TCU and New Bancorp, the holding company of New Buffalo Savings Bank, and is expected to close in the second half of this year, subject to customary closing conditions, the approval of New Bancorp’s shareholders and regulatory approvals.
New Buffalo Savings Bank has served members of its community since 1921. All three banking locations will continue to operate as branches of TCU after the sale is finalized later this year. New Buffalo Savings Bank’s customers will become members of TCU with full access to the credit union’s wide array of products and services as well as its larger lending limit.
“We are excited to announce the acquisition of New Buffalo Savings Bank and look forward to welcoming their customers and employees into the TCU family,” said Paul Marsh, President and CEO. “This acquisition will allow us to expand our footprint and better serve our members in southwestern Michigan and it will result in better banking access for New Buffalo Savings Bank’s customers as well. I look forward to a positive transition as the cultures of both organizations are strong, and we share a commitment to the community and the members and customers we serve.”
In addition to growing TCU’s footprint in southwestern Michigan, the acquisition is expected to enhance the credit union’s business lending efforts by adding New Buffalo’s expertise in Small Business Administration (SBA) lending.
“We are enthusiastic about our new partnership with TCU because of the expanded opportunities it brings to our customers, our employees and our community,” said Richard Sauerman, President and CEO of New Bancorp Inc. and New Buffalo Savings Bank. “TCU is a solid homegrown financial institution and this deal ensures that local banking will remain in our community. We are also appreciative of the support from our shareholders, and we believe that this transaction will be beneficial for them.”
Read the full press release here.