Dive Brief:

• Goshen, Indiana-based Interra Credit Union has agreed to acquire Ohio-based The Hicksville Bank in an all-cash transaction, the companies said Wednesday.
• Terms of the deal weren’t disclosed. The Hicksville Bank, headquartered in Hicksville, Ohio, had $217 million in assets, $137 million in loans and $195 million in deposits as of Dec. 31, 2025.
• The deal awaits approval from regulators and shareholders of the bank’s holding company, Empire Bancshares. The transaction is expected to close by late fall this year, according to an Interra website. 

Dive Insight:

Interra, founded in 1932, has about 90,000 members and 16 branches across northwestern Indiana. 

The Hicksville Bank, founded in 1901, has four locations – two in Ohio and two in Indiana, according to its website.

Interra has about 325 employees, according to a news release. Mindy Bobay, president and CFO of The Hicksville Bank, said the lender has 42 employees. The credit union said no branch closings or employee cuts will occur due to the acquisition. 

The bank acquisition allows the credit union “to grow in a way that stays true to who we are,” the company said in messaging to customers.

“This is about honoring the legacy of two organizations that share a deep commitment to their communities and build a new future together,” Amy Sink, CEO of Interra Credit Union, said in a news release. “We’re excited to build on that foundation and continue delivering the service, trust, and support our members and customers expect.” 

The Hicksville Bank CEO Greg Smitley said Interra “shares our belief that banking should be personal, accessible, and deeply connected to the places we serve,” according to the release. 

The deal is the fourth whole-bank acquisition by a credit union announced this year. In March, Milwaukee-based Landmark Credit Union said it would buy American National Bank-Fox Cities, based in nearby Appleton, Wisconsin. 

In February, Tuscaloosa, Alabama-based Alabama One Credit Union said it would acquire Peoples Independent Bank. And in January, Livonia, Michigan-based Zeal Credit Union agreed to acquire Upper Peninsula-based Miners State Bank.

A record 22 credit union-bank deals were announced in 2024, although a couple of those were later scrapped. Sixteen credit union-bank deals were announced last year.   

The pace of such activity has drawn the ire of bank trade groups such as the Independent Community Bankers of America, which has called for credit unions with more than $1 billion in assets to be taxed. Bank groups argue the tax-exempt nature of credit unions disadvantages acquisitive banks, because credit unions can offer a higher price.

“Large credit unions are promoting a narrative of community service while aggressively expanding beyond their original mission and undermining local communities,” said ICBA President and CEO Rebeca Romero Rainey in a Wednesday news release.

Trade group America’s Credit Unions, meanwhile, has urged legislators to protect credit unions’ tax exemption.