Heritage Federal Credit Union and Elberfeld State Bank announce strategic acquisition

Newburgh, IN

Heritage Federal Credit Union and The Elberfeld State Bank have announced they have executed a definitive purchase agreement whereby Heritage Federal Credit Union would acquire the branches of The Elberfeld State Bank. The transaction remains subject to regulatory approvals, the approval of the shareholders of ESB Bancorp, Inc. (the sole shareholder of The Elberfeld State Bank), and other customary closing conditions. The combined financial institution expects to complete the integration during the first quarter of 2021.

Based upon current financials and location, Heritage Federal Credit Union would grow to have combined assets of over $810 million and have thirteen locations in the Evansville MSA.

David Milligan, Chief Executive Officer of Heritage, said: “We are excited for the opportunity to partner with The Elberfeld State Bank to further help our communities grow and flourish. We are truly honored that the Board of Directors and executive officers of the Bank would recommend our institution and our proposed combination to their shareholders. Serving the Bank’s customers, employees, and communities are of the highest importance to us. Heritage’s strong consumer loan and mortgage loan business will nicely complement the extensive commercial loan business that the Bank has been so successful in building over the years. We look forward to joining forces with Curtis Ritterling and the rest of the Bank’s team to make the people and communities we serve even more successful.”

Curtis Ritterling, Chief Executive Officer of the Elberfeld State Bank, said: "The partnership with Heritage will bring a wealth of expanded products and services to our customers, as well as continue the strong local community ties to the markets we serve. We are excited for the opportunities it will provide to our employees and we look forward to growing the combined organization with them.”

Heritage’s legal advisor was Dentons Bingham Greenebaum LLP. The Elberfeld State Bank’s investment banker was The Hovde Group and its legal advisor was Barnes & Thornburg LLP.

About Heritage Federal Credit Union: HFCU, headquartered in Newburgh, Indiana, was founded in 1965. Today, Heritage Federal Credit Union is a community-chartered Federal credit union with over $730 million in assets and serves more than 62,000+ members. HFCU operates nine branches: eight in Vanderburgh, Warrick, and Posey Counties in Southwestern Indiana and one branch in Henderson County in Kentucky. HFCU’s nine branches offer a full array of products and services.

Heritage Federal Credit Union offers financial products and services to anyone who lives, works, worships, or attends school in Vanderburgh, Warrick, and Posey Counties in Indiana and Henderson County in Kentucky, or has an immediate family member who does. HFCU prides itself on member service, community involvement and workforce development, always striving to offer better rates on loans and deposits than its competitors.

More information regarding Heritage Federal Credit Union can be located at hfcu.info