Blue Federal Credit Union buys Colorado bank branches
Blue Federal Credit Union in Cheyenne, Wyo., has agreed to buy two branches in Colorado from Liberty Savings Bank in Wilmington, Ohio.
The $1.1 billion-asset credit union said in a press release Tuesday that it will also gain $100 million in deposits when it buys the offices, in Denver and Granby. Blue did not disclose the price of the deal.
The transaction, which was approved by regulators in November, is expected to close in February.
“We are excited to have the opportunity to welcome the 2,149 Liberty Savings Bank customers as member/owners of Blue, while providing great convenience for our existing members in this area," Stephanie Teubner, the credit union's president and CEO, said in the release.
Blue Federal Credit Union has more than 90,000 members and 17 branches in Wyoming and Colorado. The $710 million-asset Liberty Savings Bank has seven branches in Florida, Colorado and Ohio.
The pending sale is the second deal announced this year in which a credit union is buying bank branches. Alaska USA Federal Credit Union in Anchorage agreed on Jan. 9 to buy seven Phoenix-area branches from TCF Financial in Detroit.