We’re Growing! 3Rivers to Acquire West End Bank.
3Rivers Federal Credit Union and West End Indiana Bancshares, Inc. are proud to announce that we have signed a definitive purchase and assumption agreement whereby 3Rivers intends to acquire the assets and assume the liabilities of West End Bank, headquartered in Richmond, Indiana, in an all-cash transaction.
“We’re excited to announce the acquisition of West End Bank, and look forward to being a part of the Wayne and Union communities and welcoming their customers and employees into the 3Rivers family,” said Don Cates, 3Rivers CEO and President. “This acquisition will allow 3Rivers to expand our footprint to serve more people and communities in Indiana, and it will result in expanded product, service and technology offerings for West End Bank’s customers.”
Both financial institutions are highly involved in their communities and are known for their investment in, and support of, local events, organizations, and community projects. 3Rivers is committed to continuing that momentum and growing in the Wayne and Union County communities.
When will this change take place?
The transaction has been unanimously approved by the board of directors of both institutions and is expected to close in the first quarter of 2020, subject to customary closing conditions. After closing, West End Bank customers, employees and facilities will transition to 3Rivers.
What will happen when this acquisition is finalized?
Customers of West End Bank will become member-owners of 3Rivers Credit Union. West End Bank operates four bank branches, located in Richmond, Liberty and Hagerstown, Indiana and has $300 million in assets, and 24,000 customers. This strategic acquisition will increase 3Rivers’ total number of branches to 20, its members to over 100,000, and its total assets to approximately $1.4 billion. All four West End Bank locations will operate as branches of 3Rivers after the sale is finalized in 2020.
Additionally, 3Rivers is devoted to continuing and expanding the long-standing commitment West End Bank has to its community, its customers and its employees. Both institutions view this acquisition as a partnership, the core focus of which is the well-being of all customers and employees to ensure as smooth of a transition as possible.
About West End Bank:
West End Bank, S.B. is an Indiana-chartered savings bank headquartered in Richmond, Indiana. West End Bank, S.B. was organized in 1894 under the name West End Building and Loan Association and has operated continuously in Richmond, Indiana since its founding. West End Bank has four branch locations which consist of two in Richmond, one in Hagerstown, Indiana and one in Liberty, Indiana. In addition to the four full-service locations, West End Bank also hosts limited service branches in schools within Richmond Community Schools. West End Bank also have a limited service branch and ATM located within Richmond High School. This student-operated branch is available to students and faculty of RCS twice a week. At March 31, 2019, West End Bank had total assets of $298.8 million and has 82 employees.
West End Indiana Bancshares, Inc. was incorporated in the State of Maryland in June 2011 for the purpose of becoming the savings and loan holding company for West End Bank, S.B. upon consummation of the mutual to stock conversion of West End Bank, MHC, the Bank’s former mutual holding company, which occurred on January 10, 2012. Other than owning the Bank and making a loan to the Bank’s employee stock ownership plan, the Company has engaged in no material operations to date.
You can learn more about West End Bank at www.westendbank.com.
A few words from our CEOs:
“As a proud native of Wayne County myself, I look forward to both organizations getting to know each other as we begin the transition process. We mutually feel that this is an ideal fit, as we are both deeply engaged in the communities we serve, have a strong organizational culture, and sincerely care about our members’ and customers’ financial wellness. Additionally, we’re committed to working closely together with our West End Bank partners to develop as smooth of a transition as possible for all.”
— Don Cates, 3Rivers President & CEO
“We’re thrilled about our new partnership with 3Rivers Federal Credit Union. In addition to their size and resources, we’re very excited about the expanded opportunities 3Rivers brings to our customers, our employees, and our communities. 3Rivers is a proven leader in providing the highest level of financial services, while also sharing our commitment to strong community support. We’re very confident that 3Rivers is the right partner and will provide great benefits to our community overall.”
— Timothy Frame, West End Bank President & CEO