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.
EDGEWATER BANCORP, INC.
Edgewater Bancorp, Inc. is the bank holding company of Edgewater Bank. Edgewater Bank is a community-based organization offering a full range of financial products and services to businesses and consumers. It was originally organized in 1910, and is headquartered at 321 Main Street, Saint Joseph, Michigan 49085. Edgewater Bank conducts its operations from its main office in St. Joseph, Michigan and four additional full-service banking offices located in Royalton Township, Coloma, Bridgman and Buchanan, Michigan. Edgewater Bancorp, Inc. became the holding company for Edgewater Bank upon consummation of the mutual to stock conversion of Edgewater Bank in January 2014.
UNITED FEDERAL CREDIT UNION
United Federal Credit Union has served its members since 1949 by helping them to build a sound financial future. United consists of nearly 180,000 members/owners worldwide and manages assets of approximately $3.6 billion. Its corporate offices and main branch are in St. Joseph, Michigan, with additional branches in Arkansas, Indiana, Michigan, Nevada, North Carolina, and Ohio.