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Heritage Federal Credit Union Announces Purchase of The Elberfeld State Bank

Heritage Federal Credit Union Announces Purchase of The Elberfeld State Bank

Newburgh, IN – Heritage Federal Credit Union and The Elberfeld State Bank announced today that they have received all necessary regulatory and shareholder approvals relating to Heritage’s purchase and assumption of the assets and liabilities of The Elberfeld State Bank. While the transaction remains subject to customary closing conditions, the parties expect that it will be completed on March 31, 2021.
Based upon current financials and location, upon the completed purchase, Heritage Federal Credit Union will grow to have combined assets of over $877 million and have thirteen locations in HFCU’s service area. In October 2020, Gibson County was approved by the National Credit Union Association as an additional county that HFCU serves along with Vanderburgh, Warrick, and Posey Counties in Indiana and Henderson County in Kentucky.
David Milligan, Chief Executive Officer of Heritage, said: “We are excited to announce the approval of our purchase of The Elberfeld State Bank. Our thanks to the ESB Board of Directors, executive officers and, especially, the shareholders for approving this purchase and placing their faith in Heritage as their financial partner for the future. We have been working diligently with Curtis Ritterling and the rest of the Bank’s team to ensure a smooth transition. As the conversion progresses, we will continue to offer consumer loans, mortgages and commercial loans with the low rates and low or no fees that are always available to our members. Our strong lineup of digital banking solutions, including online loan applications, will add to the speed and convenience of banking with us. We look forward to becoming a part of ESB communities and to helping the people there grow and prosper.”
Curtis Ritterling, President and Chief Executive Officer of the Elberfeld State Bank, said: "We are very excited about our new partnership with Heritage because of the expanded opportunities it brings to our customers, our employees, and our communities. Both our existing customers and Heritage members will benefit by this partnership through the combining and upgrading of our products and services and the increased number of branch locations. I believe this partnership is a great fit, as we are both deeply engaged in the communities we serve and have a strong commitment to our customers’ and members’ financial well-being.”
Heritage’s legal advisor was Dentons Bingham Greenebaum LLP. The Elberfeld State Bank’s investment banker was The Hovde Group and its legal advisor was Barnes & Thornburg LLP.

About Heritage Federal Credit Union
Heritage Federal Credit Union offers financial products and services to anyone who lives, works, worships, or attends school in Vanderburgh, Warrick, Posey, and Gibson Counties in Indiana and Henderson County in Kentucky, or has an immediate family member who does.

Heritage Federal Credit Union is a community-chartered Federal credit union with over $790 million in assets and serves more than 62,300+ members, and operates ten branches, nine in Vanderburgh, Warrick, and Posey Counties in Southwestern Indiana and one branch in Henderson County in Kentucky.

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