Crane Credit Union, of Crane, Ind., is buying its second bank of the year, saying it would purchase Spencer, Ind.-based Our Community Bank from Home Financial Bancorp in an all-cash transaction.
The acquisition marks the fifth credit union-bank tie-up of 2020 and the third in the Hoosier State alone. Newburgh-based Heritage Federal Credit Union said last month it would acquire the branches of The Elberfeld State Bank. And Crane in June said it would buy Poseyville-based Community State Bank of Southwestern Indiana.
The deal, subject to approval by regulators and Home Financial shareholders, is expected to close next year. Our Community Bank has $74 million in assets, including $52 million in loans and $56 million in deposits, according to American Banker.