On October 27, 2020, Edgewater Bancorp, Inc. (“Edgewater”), St. Joseph, Michigan, the holding company for Edgewater Bank, and United Federal Credit Union (“United”), St. Joseph, Michigan, announced that they had signed a definitive purchase and assumption agreement, pursuant to which United will acquire the assets and assume the liabilities of Edgewater Bank in an all cash transaction. Following the completion of the acquisition, Edgewater will settle its remaining obligations and distribute its remaining cash to its stockholders. The distribution to stockholders is currently estimated to be between $39.47 and $43.22 per share of Edgewater common stock.
United consists of more than 177,000 members and manages assets in excess of $3.2 billion. United operates 37 branches in Michigan, Arkansas, Indiana, Nevada, North Carolina and Ohio.
Edgewater Bank operates five bank branches and two loan production offices in Michigan. Edgewater had approximately $249.1 million in assets as of September 30, 2020.
Luse Gorman is serving as legal counsel to Edgewater in the transaction. The Luse Gorman team consists of Kip Weissman, Michael Brown, Beverly White and Ellie Cook. Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.