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News Now

CU System
Two CUs acquire bank branches
KLAMATH FALLS, Ore. and JACKSON, Miss. (3/22/12)--Two credit unions, one in Oregon and the other in Mississippi, announced in the past week that they are acquiring bank branches.

A purchase and assumption agreement that results in the transfer of two PremierWest Bank branches located in Dorris and Tulelake, Calif., to Pacific Crest FCU in Klamath Falls, Ore., was announced Monday. The announcement was made by Jim Ford, president/CEO of PremierWest Bancorp, the parent company of PremierWest Bank, and Kathie Philp, president/CEO of the $124.2 million asset Pacific Crest FCU (Marketwire March 19).

The two bank branches were scheduled to be closed April 20. However, both branches will remain open and transition to Pacific Crest late in the second quarter, with no interruption in service.

The acquisition has been approved by PremierWest Bank's and Pacific Crest's boards of directors. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.

Hope FCU, a $140.3 million asset credit union based in Jackson, Miss., announced earlier this month that is has acquired the former BancorpSouth branch in Utica, Miss. (The Clarion-Ledger March 15).

Before the grand opening this spring, the building will undergo minor renovations, Hope FCU told the newspaper. BancorpSouth closed the Utica branch last August, leaving customers without banking services in the community. Hope FCU opened a temporary branch inside the Utica Town Hall to help fill the void and then moved to a modular branch in October, the paper said.


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