ETFCU First Liberty Merger
TRANSACTION ANNOUNCEMENT
ETFCU ACQUIRES FIRST LIBERTY FINANCIAL GROUP
Milynco Financial is pleased to announce that Evansville Teachers Federal Credit Union has acquired First Liberty Financial Group.
Evansville Teachers Federal Credit Union is a $1.3 Billion asset credit union headquartered in Evansville, Indiana with 15 offices located in Evansville, Newburgh, Mt. Vernon, Princeton and Vincennes, Indiana and Henderson and Owensboro, Kentucky.
First Liberty Financial Group operating under the name of First Liberty Financial Mortgage is a mortgage company headquartered in Louisville, KY with offices in Louisville, Lexington, Bowling Green, Elizabethtown, and Owensboro, Kentucky as well as offices in Birmingham, Alabama; Jackson, Mississippi; and Nashville, Tennessee. Pat Cason, President and Founder of First Liberty Financial Group stated, “First Liberty is very excited about joining the ETFCU team. We will now be able to offer a broader menu of financial services that we could not as an independent mortgage banking institution. During the past 15 years, First Liberty has built a strong customer base in the communities we serve and will now offer more services with the same high level of customer service our clients have become accustom to receiving. ETFCU has a very similar culture, and First Liberty will fit perfectly within the organization. It has been a dream of mine to take First Liberty to the next level for both employees and clients. By joining ETFCU, a $1.3 billion credit union, we can achieve that goal,”
“In conjunction with our strategic business plan, we have been seeking to add to our mortgage loan production offices in several key markets within Kentucky. This alliance with First Liberty Financial Mortgage will enable us to better serve our existing members in these markets in addition to offering our expansive mortgage products to new members as well,” said Bill Schirmer, ETFCU President and CEO. “ This transaction will add much desired non-interest income through the combined mortgage production which should increase from around $360 million per year to nearly $660 million per year”, he added.
Evansville Teachers Credit Union has been listed as one of America’s Top 50 Best Performing Credit Unions for the three years in a row. The ranking is based on various financial institution data, including member growth, market growth, efficiency ratio, and total assets. The ranking is created by SNL Financial, a Virginia-based company that provides news and analysis of financial institution data.
Milynco Financial served as financial advisor to the transaction. Milynco Financial was formed earlier this year by M. Lynn Cooper, President and Founder, who commented “I am pleased that we were able to assist in this transaction and find a great fit for both companies.“
Milynco Financial specializes in merger and acquisition opportunities for companies looking to partner with other companies in order to produce stronger financial results and overall improved performance for the combined entity. Other services provided by Milynco Financial include DE Novo expansion opportunities, executive recruitment, and strategic planning along with other traditional bank consultative services.
M. Lynn Cooper
President
Milynco Financial
8844 Ruffian Lane, Suite A
Newburgh, IN 47630
E-Mail: lcooper@MilyncoFinancial.com
Office: 812-858-0810