METAIRIE, La. – OnPath Federal Credit Union said it has entered into an agreement to acquire Heritage Bank of St. Tammany, a federally chartered savings bank headquartered in Covington, La.
The bank is located approximately 35 miles north across Lake Pontchartrain in a market the credit union described as one of the state’s fastest-growing regions.
The deal is expected to close in the Spring of 2026.
The $1.1-billion OnPath has approximately 85,000 members. It posted net income of $2.6 million as of March 31, with net worth of 10.92%.
The bank has approximately $183 million in assets.
Customers of Heritage Bank will gain access to an expanded suite of financial services, enhanced digital banking tools, extended service hours, and a broader network of branches, according to OnPath.
‘More than a Milestone’
“This acquisition is more than a milestone. It’s a mission-forward step that aligns with our values and vision for the future,” OnPath CU President and CEO Jared Freeman said in a statement. “We are incredibly proud to welcome Heritage Bank of St. Tammany into our credit union family. This is an opportunity to expand access to our people-over-profits model and continue delivering exceptional financial service to the residents of St. Tammany Parish and beyond.”
OnPath said it and Heritage Bank have “shared values and a vision for deeper community impact,” and that the deal will drive greater economies of scale.
‘Values-Driven Organization’
“We are excited to join forces with OnPath Credit Union – a respected, values-driven organization with a proven track record of service and growth,” David Crumhorn, CEO of Heritage Bank of St. Tammany, said in a statement. “This combination allows us to offer even greater value to our clients while preserving the local relationships and service culture they’ve come to trust.”
Upon the closing of the transaction, OnPath Credit Union said it will maintain consistent and transparent communication with all former Heritage Bank clients, and that dedicated support, detailed transition timelines, and member-focused resources will be provided to ensure a smooth and seamless experience throughout the process.
Second Bank Deal of the Week
The acquisition is the second of a bank by a credit union to be announced this week. As the CU Daily reported here, San Francisco FCU has announced it is reaching across the bay to acquire Oakland, Calif.-based Summit Bank in an all-cash transaction.
SFFCU has $1.32 billion in asset and approximately 51,000 members. The $287-million bank has three offices, approximately 35 employees and was founded in 1982.