Indiana Members Credit Union and Commerce Bank Announce Strategic Acquisition

Indiana Members Credit Union (IMCU) and Commerce Bank announced today that they have signed a definitive purchase and assumption agreement whereby IMCU, headquartered in Indianapolis, Indiana, will acquire the assets and assume the liabilities of Commerce Bank, headquartered in Evansville, Indiana, in an all cash transaction.

“We look forward to assisting Luke Yaeger and his team in Evansville and Bill White and his team in Clarksville in building on their existing customer relationships,” said Ron Collier, IMCU’s President and CEO. “Our combined size will provide even more opportunities for Commerce Bank commercial borrowers to grow and our robust consumer offerings will assist individuals in these communities to reach their financial goals.”

“We are thrilled to join Indiana Members Credit Union because of the expanded opportunities it brings to our customers, our employees, and our communities,” said Luke Yaeger, President & CEO of Commerce Bank. “IMCU has the financial strength, systems infrastructure, and expanded products to help us tap into a larger customer base and accelerate growth.”

The transaction has been unanimously approved by the board of directors of both institutions and is expected to close in the first quarter of 2020, subject to customary closing conditions, and the approval of First Light Bancorp’s stockholders and regulators.

Once the acquisition is finalized, Commerce Bank will operate under the IMCU name, and all customers will have access to the wide array of services available through IMCU.