GRIFFITH – United Federal Credit Union of St. Joseph, Mich., has acquired Griffith Savings Bank’s assets, including its deposits and liabilities valued at $81 million.
Griffith Savings will retain some assets to fund employee benefit plans, which will not be taken over by United Federal.
The deal is expected to be completed in the third quarter, once regulatory approval is granted. At that time, Griffith Savings will distribute any remaining assets to depositors.
The office at 510 N. Broad St. will remain open as a branch of United Federal Credit Union, which has assets of $1.3 billion and has 22 offices in Michigan, Nevada, Arkansas, North Carolina and Ohio.