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ST. JOSEPH – The new recommended acquisition of Edgewater Bancorp Inc. would give Joined Federal Borrowing Relationship greater systems to help expand build commercial credit.

42 million financing portfolio, or even more than simply $291.4 billion. Incorporating Edgewater Bank’s commercial banking operations commonly permit the borrowing union so you can diving actually deeper with the industrial financing.

We come across it as an effective part of development for people later, said United Government President and you may Ceo Terry O’Rourke.

What they offer was expertise, years of expertise, training, matchmaking and you may profile to greatly help us advance our very own commercial credit city, O’Rourke told you. Which relationship will help us carry it to a higher level.

In package, Joined Federal carry out receive the assets and you may obligations out-of Edgewater Bank. The acquisition create enhance Joined Federal’s branch system into the Berrien Condition, and financing workplaces inside Greenville and you may Fremont.

The deal carry out reinforce Joined Federal’s market condition within its house lawn. Each other Joined Government and Edgewater are based in St. Joseph.

Edgewater Bancorp shareholders manage found $ to $ when you look at the bucks consideration for each and every share away from preferred inventory, equating so you’re able to a purchase property value $twenty eight.9 million so you can $30.6 billion. Pending regulating and you will Edgewater shareholder approvals, the companies expect the deal to shut in the 1st half of out of 2021.

Richard Dyer, Edgewater’s chairman and you may Chief executive officer, manage getting people president and you can direct commercial banking to possess Joined Government from inside the Michigan and north Indiana.