GOSHEN, Ind.–Interra Credit Union said it has entered into an agreement to purchase Ohio-based The Hicksville Bank in an all-cash transaction. Terms of the deal were not released.
The agreement has been approved by the boards of directors of both institutions and by the bank’s holding company, Empire Bancshares, but still requires regulatory approval and the approval of Empire Bancshares stockholders, according to the organizations. No closing date has been announced.
The $225-million Hicksville Bank operates four branches, including its main office in Hicksville, Ohio. The two institutions are approximately 67 miles apart.
The bank was chartered in October 1901 as The Hicksville National Bank, and says it was the only one of three Hicksville banks of its era to remain in operation through the Great Depression.
In a statement, the $2-billion Interra described the proposed acquisition as a strategic expansion into Northeast Indiana and Northwest Ohio.
‘New Future Togethers’
“This is about honoring the legacy of two organizations that share a deep commitment to their communities and building a new future together,” ICU CEO Amy Sink said in a statement. “We’re excited to build on that foundation and continue delivering the service, trust and support our members and customers expect.”
“This partnership keeps our passion exactly where it belongs — on our customers and our communities,” The Hicksville Bank CEO Greg Smitley added in a statement.
“Interra shares our belief that banking should be personal, accessible and deeply connected to the places we serve.”
‘Strategic Expansion’
Interra Credit Union has more than 325 full- and part-time employees and nearly 90,000 members. Its field of membership covers 24 counties in northern Indiana, and it currently operates 16 offices in Elkhart, LaGrange, Kosciusko, Marshall and Noble counties.
Interra described the proposed acquisition as a strategic expansion into Northeast Indiana and Northwest Ohio.
The Hicksville Bank reports approximately $225 million in assets across its four branches.
