Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU's Purchase Of Bank OK'd By Maryland Regulator
BALTIMORE, Md. (11/1/13)--The purchase and assumption of a bank by Municipal Employees CU of Baltimore--which would be the first of its kind in Maryland--has been approved by Maryland Commissioner of Financial Regulation Mark Kaufman.
 
Kaufman announced Thursday his approval of MECU's purchase and assumption of the assets and liabilities of Advance Bank, a federally chartered mutual savings bank located in Baltimore. The move is still subject to approval by the bank's depositors at a meeting on Nov. 15, said the Baltimore Business Journal (Oct. 31).
 
Kaufman's office said the proposed transaction is expected to be completed by the end of 2013, subject to any remaining regulatory approvals. The deal's financial terms were not disclosed.
 
The bank has two branches and total assets of about $54 million. MECU is the third largest credit union in the Baltimore area, with $1.2 billion in assets and nine branches, said the Journal.
 
In February the bank reached an agreement with the Office of the Comptroller of the Currency to develop a three-year business plan, review loans for possible credit risk and improve its lending procedures.  MECU told the Journal the agreement would not impact the merger plan. When the deal was announced, Advance Bank CEO John Hamilton said the bank's customers would benefit by having access to a wider array of services, including smartphone banking and auto loans.
 
MECU will convert Advance Bank's two branches to MECU branches and keep the bank's 20 employees, the credit union told the Journal.
 
Maryland's Office of the Commissioner of Financial Regulation oversees state-chartered financial institutions, including credit unions and banks.


RSS print
News Now LiveWire
.@SenatorBegich says @TheNCUA risk-based cap. plan attempts 2 solve problem that does not exist, at expense of those served by CUs. Watch NN
36 minutes ago
Target wants stay of discovery in class action suits in data security breach; plaintiffs disagree that it's needed http://t.co/GHqz2S4u5g
54 minutes ago
New HUD Sec'y Julian Castro gets warm send-off from San Antonio's @alamofcu MT Thanks for all the hard work. http://t.co/peb8x4GSRq
1 hours ago
.@CUANYtweets initiates call to action to Gov. Cuomo to sign state-chartered #creditunion FOM bill
1 hours ago
.@MountainAmerica #creditunion CEO helps TV audience understand credit scores #NewsNow http://t.co/makbsIIdzn
1 hours ago