Credit Unions Kick-Start 2022 with 4 Bank Deals in 11 Days

Credit unions started 2022 off with a bang, scooping up four U.S. banks in less than two weeks.

Summit CU is the latest credit union to announce a bank purchase with its plan to acquire West Bend, Wis.-based Commerce State Bank. That March 3 announcement came on the heels of a hot end to February when three such deals were announced in the span of one week.

The total assets of banks being acquired by credit unions in deals announced in 2022 is now $2.03 billion, more than one-third of the way to the 2021 full-year total of $5.96 billion, according to S&P Global Market Intelligence data.

Michael Bell, partner and co-leader of the financial institutions practice group at law firm Honigman LLP, said activity will not slow down anytime soon, predicting at least 20 to 25 announcements this year. The current yearly record is 14 such announcements in 2019.

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