Veridian Credit Union in Waterloo, Iowa, has agreed to buy American Investors Bank and Mortgage in Eden Prairie, Minn.
The $6.7 billion-asset Veridian said in a press release that it expects to complete the purchase of the $113 million-asset American in July. The price wasn’t disclosed.
Veridian would enter Minnesota if it buys the bank.
“We’re excited to welcome the employees and clients of AIBM to Veridian and eager to become a part of the Eden Prairie community,” Renee Christoffer, Veridian’s president and CEO, said in the release.
David Coauette, American’s CEO, plans to retire,
Hovde Group and Honigman advised Veridian. Oak Ridge Financial and Winthrop & Weinstine advised American.