United Federal Credit Union Closes Deal to Acquire Edgewater Bank

United Federal Credit Union’s acquisition of Edgewater Bank formally closed in April 2021. The acquisition lifted UFCU’s total assets to $3.7 billion, one of the largest credit unions not only in Michigan but nationwide.

In an interview with MiBiz in 2020, UFCU’s CEO echoed a familiar theme for why credit unions are gobbling up banks nationwide: access to highly lucrative commercial banking. Terry O’Rourke said acquiring Edgewater would give the credit union greater expertise to grow commercial lending and a deeper presence in its home market.

MiBiz reported: “One of the largest credit unions based in Michigan, the St. Joseph-based UFCU at the end of 2020 had $3.44 billion in assets with 179,798 members through 38 offices across Michigan — including nine in southwest Michigan — as well as in Arkansas, Indiana, Nevada, North Carolina and Ohio. UFCU as of Dec. 31 had $2.76 billion in total deposits and $2.32 in total loans, including $272.6 million in commercial loans, with annual net income of $9.4 million.”

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