Interra Credit Union has completed its acquisition of The Hicksville Bank, aimed at strengthening its presence in northwest Ohio. The announcement was made on Saturday, following the receipt of all necessary regulatory approvals.
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This acquisition expands Interra’s footprint by adding four additional branches located in Hicksville and Edgerton, Ohio, as well as Auburn and Grabill, Indiana. Amy Sink, president and CEO of Interra, stated that this merger represents a shared commitment to the communities served by both institutions. She emphasized the importance of maintaining the longstanding relationships established by The Hicksville Bank while introducing new resources to enhance community support.
Despite receiving regulatory approval, the acquisition faced opposition when it was announced on April 29. The Ohio Bankers League and the Community Bankers Association of Ohio sought to prevent the transaction, arguing that while banks can merge, credit unions should not be allowed to acquire tax-paying community banks. Michael Adelman, president and CEO of the Ohio Bankers League, expressed concerns regarding the economic implications for the areas serviced by Hicksville Bank, stating that credit unions were intended to serve members of limited means, not to expand into commercial banking.
At the time of the acquisition announcement, Interra had approximately $2 billion in assets and operated 16 offices primarily in northern and western Indiana. The Hicksville Bank had around $225 million in assets and four branches.
In its recent announcement, Interra expressed its commitment to fulfilling the needs of its new communities and creating future opportunities. Andy Marshall, executive vice president and COO of Interra, remarked that the acquisition aims to build on The Hicksville Bank's legacy and ensure that the communities involved can rely on Interra as their financial partner.
Founded in 1932, Interra Credit Union serves over 90,000 members across 24 counties in northern Indiana, employing more than 325 staff members. Following the acquisition, Interra plans to directly communicate with The Hicksville Bank's customers regarding credit union membership and any necessary steps during the transition, assuring them that they can continue to rely on familiar services and relationships.