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ETFCU to acquire American Founders Bank

On Monday, Evansville Teachers Federal Credit Union announced its intention to acquire American Founders Bank of Louisville, Kentucky.

The acquisition will allow ETFCU to offer additional branch locations in Kentucky's largest city.

ETFCU President and CEO Bill Schirmer said, “in conjunction with our strategic business plan, we have been seeking to add several new branch offices in the Louisville market. We currently have two mortgage loan production offices in Louisville. This alliance with American Founders Bank will enable us to better serve our existing members in this area in addition to offering our expansive checking and other deposit products to new members as well. The acquisition complements our long-term business strategy.”

As of December 2017, American Founders Bank had $113 million in total assets and $95 million in total loans. The company has two branches, located at 1200 Forest Bridge Road and 4220 Shelbyville Road in Louisville.

ETFCU has $1.5 billion in total assets and serves more than 193,000 members across five states.

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(This story was originally published on March 13, 2018)

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