A First For Credit Unions: Bank Is Purchased By A Credit Union

This is the first time a credit union has purchased a bank. Here's an excerpt from the credit union's press release:

United Federal Credit Union, headquartered in St. Joseph, Michigan, announces that its historic purchase of the assets of Griffith Savings Bank, headquartered in Griffith, Indiana, has been completed effective January 1, 2012. The purchase marks the first time a federally chartered credit union has purchased the assets of a state-chartered, FDIC-insured mutual savings bank.