ST. JOSEPH, Mich. – United Federal Credit Union of St. Joseph has completed its acquisition of Griffith Savings Bank. The acquisition was announced last fall, but the deal wasn’t completed until the FDIC signed off on the deal.
According to the FDIC, the purchase by United Federal is the first time a federally chartered credit union has purchased a state-chartered mutual savings bank.
United Federal, founded in 1949 as the credit union for Whirlpool Corp. employees, acquired the loans, investments, real estate and other assets of Griffith Savings Bank.
