Heritage Federal Credit Union’s Purchase of The Elberfeld State Bank is Final
Newburgh, IN – Heritage Federal Credit Union and The Elberfeld State Bank have announced that Heritage’s purchase and assumption of the assets and liabilities of The Elberfeld State Bank is complete as of today.
Based on current financials and locations, upon this completed purchase, Heritage Federal Credit Union will grow to have combined assets of approximately $900 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 that our purchase of The Elberfeld State Bank has been finalized. We look forward to working with Curtis Ritterling and other members of his staff as they become a part of our team at Heritage Federal Credit Union. The combining of our products and services will be a win-win for our new and current members. We are also excited about becoming a part of the ESB communities, bringing our People Helping People philosophy to the local non-profit organizations and helping the people in those communities grow and prosper.”
Curtis Ritterling, former President and Chief Executive Officer of the Elberfeld State Bank, said: "We are all looking forward to seeing what opportunities this new relationship will bring to our existing customers and to our team. Our customers will now become Heritage members and will greatly benefit from the addition of new products and services brought about by this partnership. We will continue to have a strong commitment to our customers’ and members’ financial well-being and the communities we serve.”
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 approximately $900 million in assets and serves more than 66,400+ members, and operates 13 branches, twelve in Vanderburgh, Warrick, Posey, and Gibson Counties in Southwestern Indiana and one branch in Henderson County in Kentucky. More information regarding Heritage Federal Credit Union can be located at hfcu.info
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