Heritage Federal Credit Union, Elberfeld State Bank announce strategic acquisition

Heritage Federal Credit Union.
Heritage Federal Credit Union.(Heritage Federal Credit Union.)
Published: Jul. 2, 2020 at 9:37 AM CDT
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EVANSVILLE, Ind. (WFIE) - Heritage Federal Credit Union and The Elberfeld State Bank have announced a purchase agreement where Heritage Federal Credit Union would acquire the branches of the Elberfeld State Bank.

The transaction remains subject to regulatory approvals, the approval of the shareholders of ESB Bancorp, Inc. (the sole shareholder of the Elberfeld State Bank), and other customary closing conditions.

The deal would give Heritage Federal Credit Union 13 locations in the Evansville area.

“We are excited for the opportunity to partner with The Elberfeld State Bank to further help our communities grow and flourish,” David Milligan, Chief Executive Officer of Heritage, said. “We are truly honored that the Board of Directors and executive officers of the Bank would recommend our institution and our proposed combination to their shareholders. Serving the Bank’s customers, employees, and communities are of the highest importance to us. Heritage’s strong consumer loan and mortgage loan business will nicely complement the extensive commercial loan business that the Bank has been so successful in building over the years. We look forward to joining forces with Curtis Ritterling and the rest of the Bank’s team to make the people and communities we serve even more successful.”

“The partnership with Heritage will bring a wealth of expanded products and services to our customers, as well as continue the strong local community ties to the markets we serve,” Curtis Ritterling, Chief Executive Officer of the Elberfeld State Bank, said. “We are excited for the opportunities it will provide to our employees and we look forward to growing the combined organization with them.”

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