On June 11, 2020, Crane Credit Union (“CCU”) announced it 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 is a wholly-owned subsidiary of Cynthiana Bancorporation (“Cynthiana”) and 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 Cynthiana shareholders and regulatory agencies. CCU and CSB’s management teams expect the transaction to move forward smoothly.
Cynthiana Bancorporation is the bank holding company of 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.
CRANE CREDIT UNION
Crane Credit Union, 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.