Shareholders and regulators approved United Federal Credit Union’s previously announced acquisition of Edgewater Bank.
The Business Journal reported in October that St. Joseph-based United Federal Credit Union (United) signed an agreement to acquire the assets and liabilities of Edgewater Bank (Edgewater), also based in St. Joseph, pending customary approvals by shareholders of both institutions and federal regulators, which were obtained in April.
Under the transaction, Edgewater locations in downtown St. Joseph, Royalton Township, Coloma and Bridgman were converted to United branches beginning Monday. Two commercial loan offices — one in Greenville and one in Fremont — also became United locations on Monday. Due to its proximity to United’s Buchanan branch, Edgewater’s Buchanan branch and its employees will be consolidated into the United branch. All Edgewater customers will be allowed to become members of United.
“(Monday’s) announcement is big news not just for United and Edgewater members and customers, but for all of southwest Michigan,” said Terry O’Rourke, United’s president and CEO. “This partnership allows us to keep banking decisions local and build upon the customer-centric relationships that have been a mainstay at Edgewater for years.”
Edgewater employees at all locations will be onboarded as United employees, including current Edgewater CEO Rick Dyer, who will serve as community president, leading the commercial lending teams in Michigan and Indiana.
“From the beginning, we’ve known that the two organizations would be better together, and now we’ll have the chance to show our members exactly what that means,” Dyer said. “Our combined teams and resources will create a one-of-a-kind experience for members that is both highly innovative and locally driven. (Monday) is exciting, but the future is equally awe-inspiring and bright.”
Edgewater customers have begun receiving communications about how to become United members and will continue to get updates regarding account information, policies, in-branch and online banking services, products and other membership-related items.
“Team United is ready to roll out the red carpet for Edgewater customers and employees,” O’Rourke said. “I’d personally like to thank the team at Edgewater for being excellent partners throughout the entire process and to their customers for asking great questions, for their understanding during the transition and for trusting United to keep their finances safe and secure. Together, we’ll continue to make our community stronger.”
With the addition of Edgewater, United’s total assets are expected to exceed $3.6 billion, and about 5,600 Edgewater customers are eligible to join the credit union’s membership of more than 180,000.