ODON, IN – Crane Credit Union (“Crane”) announced today that it has completed the successful acquisition of Community State Bank of Southwestern Indiana (“Community State Bank”) further expanding its footprint in southwestern Indiana. The acquisition, which was first announced on June 11, 2020, was completed on November 30, 2020 following shareholder and regulatory approval.
The combined institution will retain the Crane Credit Union name and charter. Former Community State Bank employees will become employees of Crane. All six Community State Bank branches will continue to operate as branches of Crane Credit Union.
With the acquisition complete, Crane Credit Union now has 20 branch locations in central and southern Indiana. Members also have access to online banking and Crane Credit Union’s mobile app along with an expansive ATM and Shared Branching network.
Kevin Sparks, President and CEO of Crane Credit Union, commented, “We are excited to announce the closing of our acquisition of Community State Bank of Southwestern Indiana. This acquisition exemplifies our commitment to Southwestern Indiana and we are eager to begin serving the communities of Posey County.”
Performance Trust Capital Partners, LLC served as financial advisor and Krieg DeVault LLP acted as legal counsel to Crane Credit Union. Donnelly Penman & Partners served as financial advisor and Dentons Bingham Greenebaum LLP acted as legal counsel to CSB.
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About Crane Credit Union: Crane Credit Union, headquartered in Odon, Indiana, was founded in 1955 on Crane Naval Surface Warfare Center. Crane serves the communities of Central and Southern Indiana, offering a full array of products and services. The credit union prides itself on member service, community involvement and strives to offer better rates on loans and deposits than competitors. For more information, please visit Crane Credit Union online at cranecu.org.
About Community State Bank of Southwestern Indiana: CSB, headquartered in Poseyville, Indiana, was founded in 1905 in Cynthiana as Cynthiana Banking Company. CSB has 6 branches across Posey County.