Edgewater Bank has been acquired by United Federal Credit Union

On October 27, 2020, United Federal Credit Union (“United”), and Edgewater Bancorp, Inc. (“Edgewater”) (OTCPK: EGDW), the holding company of Edgewater Bank, announced that they had signed a definitive purchase and assumption agreement whereby United, headquartered in St. Joseph, Michigan, will acquire the assets and assume the liabilities of Edgewater Bank in an all-cash transaction (the “Transaction”). On April 30, 2021, Edgewater and United completed the Transaction and effective May 3, 2021, four Edgewater branches and two loan production offices opened as United branches.

Following the completion of the Transaction, Edgewater Bancorp and Edgewater Bank will settle their remaining obligations and distribute their remaining cash (the “Liquidation”) to the Edgewater stockholders.

Edgewater Bank previously operated five bank branches in Berrien County and two loan production offices in Fremont and Greenville, Michigan and had approximately $233.6 million in assets as of March 31, 2021. United currently operates 38 branches in six states and has nearly 180,000 members. This strategic acquisition will increase United’s total number of branches to 42 and total assets to approximately $3.6 billion.

Edgewater was created in connection with the 2014 mutual-to-stock conversion of Edgewater Bank. As a part of such conversion, a liquidation account was created for the benefit of certain depositors of Edgewater Bank. It is anticipated that Edgewater Bank will pay out the balance of this liquidation account to the holders of sub accounts therein in connection with the Liquidation.