CUs Launch Bank Buying Spree with 5 Deals in 1 Week

The number of bank purchases by credit unions is moving closer to last year's record total after a wave of announcements.

Five Star CU kicked off the spurt of five such deals in one week with its announced acquisition of OneSouth Bank on Aug. 28, and Michigan State University FCU quickly followed by announcing its purchase of McHenry Savings Bank on the same day. Both Five Star CU and Michigan State University FCU again struck bank deals on the same day when they announced their purchases of Wilcox County State Bank and Algonquin State Bank on Aug. 31, respectively. Between those days of double deals, Innovations Financial CU announced its purchase of First National Bank Northwest Florida on Aug. 29.

This year started off slow with just two deals in the first five months of the year, but the pace has kicked up and eight have been announced since June 1.

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