Tribune staff reports
Beacon Credit Union recently announced it has reached an agreement to acquire Midwest Ag Finance, which has eight offices, including one in Seymour.
The agreement has been approved by the board of directors of both financial institutions and includes the purchase of assets and assumption of liabilities, according to a news release from Beacon. The transaction requires final approval of the Indiana Department of Financial Institutions.
Beacon Credit Union is a provider of agricultural-based loans, equipment leasing and crop insurance. As part of the transaction, Beacon Credit Union will retain the staff of Midwest Ag Finance, including founder and current President Jerry Nickel, who will join the BCU senior executive team.
Established in 1931 as Wabash County Farm Bureau Credit Union, Beacon Credit Union’s member base is expected to grow beyond 47,000, with assets exceeding $1.1 billion and a full-time staff of approximately 260 people.
Midwest Ag Finance, established in 1998, offers farm real estate, equipment, operating, FSA-guaranteed and commercial/agribusiness loans; crop insurance; and equipment leasing. The firm, which has 45 employees, is headquartered in Rushville. Besides Seymour and Rushville, other offices are in Crawfordsville, Decatur, Marion, Richmond, Plymouth and Washington.
The credit union operates 21 offices throughout north central and northeast Indiana, which includes the communities of Angola, Auburn, Garrett, Huntington, Logansport, Marion, New Haven, North Manchester, Peru, Plymouth, Rochester, Wabash and Warsaw. Along with these service locations, Beacon Credit Union operates administrative and technical data center facilities in Wabash.