WABASH, Ind. (2/10/15)--Beacon CU, Wabash, Ind., with $1 billion in assets, has reached an agreement to purchase Midwest Ag Finance, an Indiana-based provider of farm-related loan products and services.
The agreement, which includes the purchase of assets and assumption of liabilities, has been approved by the boards of both financial institutions, and awaits final approval from the Indiana Department of Financial Institutions.
"Having developed an outstanding partnership with Midwest Ag Finance for the past 15 years, we recognize that they bring with them a strong reputation in agricultural finance, and we believe our two business models fit very well together," said Kevin Willour, Beacon president/CEO.
With the transaction, Beacon will take a big step in the state as a provider of agricultural based loans, equipment leasing and crop insurance, the credit union said. Beacon also plans to retain Midwest Ag Finance staff, including Jerry Nickel, president and founder of the financial institution, who will become a member of the credit union's senior executive team.
"Our similar lending philosophies, along with the knowledgeable, experienced and adaptive staff from both organizations will provide for a smooth transition," Willour said. "This acquisition will expand Beacon CU's ability to provide quality agricultural-based financial products and services to all corners of Indiana."
Added Nickel: "To ensure (Midwest Ag's) legacy continues, it was critical for us to find a partner that was not only a stable, dependable lender, but most importantly one that was deeply rooted in agriculture and shared this same vision. We can say with certainty that Beacon CU is that partner."