FORT WAYNE, Ind. (WANE) — Three Rivers Federal Credit Union will acquire Richmond-based West End Bank, the company announced Thursday.
3Rivers and West End signed a definitive purchase and assumption agreement that will transfer the four West End branches and its 24,000 customers to 3Rivers. Terms of the “all-cash” transaction were not disclosed.
West End Bank operates four bank branches in Richmond, Liberty and Hagerstown, Indiana. It reported $298.8 million in assets as of March 31.
“We are excited to announce the acquisition of West End Bank. We look forward to being a part of the Wayne and Union County communities and welcoming their customers and employees into the 3Rivers family,” said Don Cates, 3Rivers’ President and CEO. “This acquisition will allow us to expand our footprint to serve more people and communities in Indiana, and it will result in expanded product, service and technology offerings for West End Bank’s customers as well. We look forward to getting to know and investing in Wayne and Union Counties, as we begin the transition process. We mutually feel that this is an ideal fit, as we are both deeply engaged in the communities we serve, have a strong organizational culture, and a sincere care for our members’ and customers’ financial wellness. Additionally, we are committed to working closely together with our West End Bank partners to work towards as smooth a transition as possible.”
3Rivers currently operates 16 branches in a seven-county area in northeast Indiana and northwest Ohio, and has 82,000 members. The acquisition will grow 3Rivers to 20 branches and 106,000 members, and total assets to approximately $1.4 billion.
“We are thrilled about our new partnership with 3Rivers Federal Credit Union because of the expanded opportunities it brings to our customers, our employees, and our communities,” said Timothy Frame, President & CEO of West End Bank. “3Rivers is a proven leader in providing the highest level of financial services, while also sharing our commitment to strong community support.”
The deal is expected to close in the first quarter of 2020.