The agreement has been approved by the boards of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction will require the approval of state and federal regulatory agencies, which the two financial institutions hope will happen in late 2014 or early 2015.
"As a multi-generational family bank, after much deliberation and with our customers in mind, our board members have decided to take a less active role in the banking industry," said
"We are confident that our search led us to an established, financially secure, growing financial institution in our region that shares our values and could bring expanded products and services to our loyal customers," said
Rice will remain with First Commerce as a regional executive who will provide oversight of the day-to-day operations in
"When the time comes, we know our employees, customers and the community as a whole will be in good hands with First Commerce."
If the acquisition is approved, it will be just the sixth credit union in the country to purchase a bank and the first in
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