Beacon Credit Union in Wabash, Ind., has agreed to buy Mid-Southern Savings Bank in Salem, Ind..
The deal is expected to close in the fourth quarter; the price wasn’t disclosed. MSB has three branches and two loan production offices.
“We’re excited to bring the benefits of Beacon Credit Union to Mid-Southern Savings Bank’s customers and communities” Dustin Cuttriss, Beacon Credit Union president and CEO, said in a press release.
“This acquisition is a win–win for everyone involved as it provides Beacon’s competitive services and products to new communities and provides a more expansive footprint for our Southern Indiana market. We extend a warm welcome to the customers of Mid-Southern,” he added.
MSB President and CEO Alexander Babey will join BCU in a transitional consulting role. BCU intends to keep all of MSB’s branches and loan production offices open.
BCU was advised by Donnelly Penman & Partners, and Barnes & Thornburg. MSB was advised by Piper Sandler and Luse Gorman.