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Published in Finance

Edgewater Bank, UFCU complete merger

BY Friday, April 30, 2021 11:23am

ST. JOSEPH — Edgewater Bank branches become part of United Federal Credit Union next week following federal regulatory and shareholder approvals of a merger between the two.

The four Edgewater Bank offices in Berrien County — plus loan offices in Greenville and Fremont — take on the United Federal Credit Union (UFCU) name when they open Monday morning. An Edgewater Bank office in Buchanan will close permanently and the staff will be consolidated into a nearby UFCU branch. About 5,600 Edgewater Bank customers are eligible to become UFCU members.

Edgewater CEO Rick Dyer COURTESY PHOTO

The move completes Edgewater Bank’s merger into UFCU that was first announced last fall.

“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,” Edgewater CEO Rick Dyer, who becomes UFCU’s community president leading commercial lending in Michigan and Indiana, said in a statement. “Our combined teams and resources will create a one-of-a-kind experience for members that is both highly innovative and locally-driven. Today is exciting, but the future is equally awe-inspiring and bright.”

The merger will elevate UFCU to $3.6 billion in total assets.

In an interview with MiBiz last fall, UFCU CEO Terry O’Rourke said acquiring Edgewater would give the credit union greater expertise to grow commercial lending and a deeper presence in its home market. 

 

“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,” O’Rourke said in today’s announcement on the recent regulatory and shareholder approvals. 

One of the largest credit unions based in Michigan, the St. Joseph-based UFCU at the end of 2020 had $3.44 billion in assets with 179,798 members through 38 offices across Michigan — including nine in southwest Michigan — as well as in Arkansas, Indiana, Nevada, North Carolina and Ohio. UFCU as of Dec. 31 had $2.76 billion in total deposits and $2.32 in total loans, including $272.6 million in commercial loans, with annual net income of $9.4 million.

Edgewater Bank, also based in St. Joseph, ended 2020 with $231.7 million in assets and total deposits of $195.4 million, according to a financial report to the FDIC.

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