FOR IMMEDIATE RELEASE
800-692-3274 Ext. 6120
June 11, 2020 (Odon, IN) – Crane Credit Union (“CCU”) has signed a definitive agreement to acquire Community State Bank of Southwestern Indiana (“CSB”), an Indiana state-chartered bank in Posey County with over $89 million in assets. This purchase will bring CCU’s total number of branches to 20 and total assets to over $750 million.
Established in 1905, Community State Bank of Southwestern Indiana has six branches in Poseyville, Cynthiana, Mount Vernon, St. Wendel, St. Phillip and New Harmony. All six branches will continue to operate as branches of Crane Credit Union after completion of the transaction.
The transaction is expected to close later this year and is subject to customary closing conditions, including approval from CSB shareholders and regulatory agencies. CCU and CSB’s management teams expect the transaction to move forward smoothly.
Kevin Sparks, President and CEO of CCU, commented, “We are excited to announce the acquisition of Community State Bank of Southwestern Indiana and we look forward to welcoming their customers and employees to Crane Credit Union. This acquisition exemplifies our commitment to Southwestern Indiana and we are eager to begin serving the communities of Posey County.”
Steve Bennett, CSB’s President, commented, “We at CSB are very proud of our dedicated staff, as well as the many valued clients that we have served through the years. This partnership with Crane Credit Union will provide even more products and support for our customers and additional opportunities for our staff.”
Gary E. Gray, Jr., Chairman of Crane Credit Union, stated, “Our partnership with Community State Bank of Southwestern Indiana represents a strategic opportunity for Crane to expand our community-focused, member-centric business model into the Southwestern Indiana market. CSB has built a solid community banking franchise in this market upon which Crane plans to build by offering additional products and services to CSB’s current and prospective clients.”
Performance Trust Capital Partners, LLC served as financial advisor and Krieg DeVault LLP acted as legal counsel to Crane Credit Union. Donnelly Penman & Partners served as financial advisor and Dentons Bingham Greenebaum LLP acted as legal counsel to CSB.
About Crane Credit Union: CCU, headquartered in Odon, Indiana, was founded in 1955 on Crane Naval Surface Warfare Center. CCU’s 14 branches serve the communities of Central and Southern Indiana, offering a full array of products and services. CCU prides itself on member service, community involvement and strives to offer better rates on loans and deposits than competitors. For more information, please visit Crane Credit Union online at cranecu.org.
About Community State Bank of Southwestern Indiana: CSB, headquartered in Poseyville, Indiana, was founded in 1905 in Cynthiana as Cynthiana Banking Company. CSB has since grown to 6 branches across Posey County.
Cynthiana and St. Philip lobbies are temporarily closed due to Covid-19 cases in those areas. Our other branch lobbies are open.
Employees of the bank will continue to monitor their health daily which includes taking their temperature before coming to work each day. Our staff have been informed to not report to work if they have any new symptoms as described in the Center for Disease Control (CDC)’s information on coronavirus, also known as CoVid-19.
The exterior lobby doors will be open but the interior doors will be kept locked until a bank employee unlocks the door. This will give you time to read posted notices and briefly remove your face mask for our camera to record your identity. If you have any of the CoVid-19 symptoms, you are asked to use digital banking (call any of our offices if you need assistance).
When you enter the bank, please observe the markings on the floor for where to stand and follow all directions given to you by our staff. Hand sanitizer will be available for your use. Social distancing of at least 6 feet between all persons is to be maintained. We will have limited seating in the lobby and all brochures and pens have been removed. We will monitor the number of customers in our branches at any given time. We ask that you limit your transaction time to under 5 minutes unless you are applying for a loan, opening a new account, or closing a loan.
Our employees will wear masks except at the drive-through window. We regret that we will not be able to shake hands or hold doors open.
Our staff will sanitize “touch points” such as door handles and teller counters after each customer. Your patience is appreciated.
The New Harmony branch will tentatively reopen on Monday, June 22, after 10:00 a.m. Similar precautions will be in place.
Further details as required by Indiana law are posted in our lobby.
You can email us at firstname.lastname@example.org or contact us at any of our branches
Hours of Operation:
Monday-Thursday: 8:30am - 4:00pm
Friday: 8:30am - 5:00pm
Saturday: Only Poseyville & Mt. Vernon: Open 8:30am - Noon
Closed on the following holidays:
1/20/2020 Martin Luther King Jr. Day
2/17/2020 Presidents' Day
5/25/2020 Memorial Day
7/4/2020 Independence Day
9/7/2020 Labor Day
10/12/2020 Columbus Day
11/11/2020 Veterans Day
11/26/2020 Thanksgiving Day
12/25/2020 Christmas Day
Routing Number: 081307227
Our Board of Directors
William Bender, Chairman
Steve Bennett, President & CEO
Bob Calvert, Secretary