Newburgh-based Heritage Federal Credit Union has acquired Elberfeld State Bank in Warrick County. The credit union expects to complete the integration of the bank during the first quarter of 2021.
HFCU currently operates nine branches in Vanderburgh, Warrick, and Posey counties and one branch in Kentucky. With the completion of the acquisition, the credit union says it will have 13 locations in the Evansville metro area.
“We are excited for the opportunity to partner with The Elberfeld State Bank to further help our communities grow and flourish,” said David Milligan, chief executive officer of HFCU. “We are truly honored that the Board of Directors and executive officers of the Bank would recommend our institution and our proposed combination to their shareholders. Heritage’s strong consumer loan and mortgage loan business will nicely complement the extensive commercial loan business that the Bank has been so successful in building over the years.”
The credit union says it expects to have combined assets of over $810 million.
Financial details of the acquisition were not disclosed.