Indianapolis-based Indiana Members Credit Union has announced plans to acquire the assets of Evansville-based Commerce Bank from First Light Bancorp Inc. in an all-cash transaction. The deal has been unanimously approved by the boards of directors of both institutions.
IMCU will also assume the liabilities of Commerce Bank.
“IMCU has the financial strength, systems infrastructure, and expanded products to help us tap into a larger customer base and accelerate growth” said Luke Yaeger, president and CEO of Commerce Bank.
IMCU says following the completion of this transaction, First Light Bancorp and Commerce Bank will settle their remaining obligations and distribute their remaining cash to the First Light Bancorp stockholders.
IMCU has over $2.0 billion in assets and serves 127,000 members. Commerce Bank has approximately $196 million in assets and three bank branches. Its 2,000 customers will become IMCU members.
“Our combined size will provide even more opportunities for Commerce Bank commercial borrowers to grow and our robust consumer offerings will assist individuals in these communities to reach their financial goals.” Ron Collier, IMCU’s president and CEO.
The deal is expected to close in the first quarter of 2020. It must still be approved by First Light Bancorp stockholders.