Beacon Credit Union announced today it has reached an agreement to acquire Midwest Ag Finance. The agreement has been approved by the board of directors of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction requires final approval of the Indiana Department of Financial Institutions.
“We are very pleased to welcome the team of Midwest Ag Finance and their customers to the Beacon Credit Union Family,” said Kevin Willour, CEO of Beacon Credit Union. “Having developed an outstanding partnership with Midwest Ag Finance for the past 15 years, we recognize that they bring with them a strong reputation in agricultural finance, and we believe our two business models fit very well together. Our similar lending philosophies, along with the knowledgeable, experienced, and adaptive staff from both organizations will provide for a smooth transition. This acquisition will expand Beacon Credit Union’s ability to provide quality agricultural-based financial products and services to all corners of Indiana.“
With the combined products, services, and experienced staff from both organizations, Beacon Credit Union will take its place as a premier provider of agricultural based loans, equipment leasing, and crop insurance in the state of Indiana. As part of the transaction, Beacon Credit Union will retain the staff of Midwest Ag Finance including current President and Founder Jerry Nickel who will join the BCU Senior Executive Team.
“We started Midwest Ag Finance because we recognized that the agricultural community was in need of financial resources that were delivered in a consistent and dependable manner—whether in good times or in bad times,” said Jerry Nickel, CEO of Midwest Ag Finance. “To ensure that this legacy continues, it was critical for us to find a partner that was not only a stable, dependable lender, but most importantly, one that was deeply rooted in agriculture and shared this same vision. We can say with certainty that Beacon Credit Union is that partner. We take great pride in our brand promise of relationships, knowledge, and security of both farm and family, and these ideals will continue to be as common for customers going forward as they are today. Customers will see the same people and hear the same voices on the phone.”
Established in 1931 as Wabash County Farm Bureau Credit Union, Beacon Credit Union is a financial cooperative offering a full range of financial products and services for individuals, families and businesses, while specializing in the agricultural community. Beacon Credit Union is currently the fifth largest credit union in Indiana and currently the largest agricultural lending credit union in the United States. 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 was established in 1998 as an alternative to larger financial institutions and their “one-size-fits-all” approach to business. They are a financial services company that is a recognized leader in taking creative approaches to the needs of today’s agricultural community. Midwest Ag Finance offers farm real estate, equipment, operating, FSA Guaranteed and commercial/agribusiness loans; crop insurance and equipment leasing.
Beacon Credit Union is represented by Michael M. Bell, Esq., of Howard & Howard Attorneys, PLLC, and Midwest Ag Finance is represented by John R. Thornburgh of Ice Miller LLP.
About Beacon Credit Union
On June 2, 1931, seventy-five people gathered at Memorial Hall in Wabash, Indiana for the first Annual Meeting of Wabash County Farm Bureau Credit Union. This group of leaders’ simple vision was to provide savings and dependable loan programs, particularly to farmers, as they believed they could provide financial products and services for themselves better than relying on others to do it for them. At that time, creditors were charging area farmers up to 42% in annual interest. $37.50 was collected that evening. Over the past 83 years, the Credit Union has grown to be the fifth largest credit union in Indiana with over $1 billion in assets. The Credit Union changed its name to Beacon Credit Union in 2001.
Beacon Credit Union is a full service, locally owned credit union that provides a wide range of products and services including: savings accounts, checking accounts, certificates of deposit, IRAs, HSAs, investment services, trust services, consumer loans, real estate loans, as well as commercial and agricultural loans; plus all of today’s conveniences – mobile banking, retail and commercial internet banking, online bill pay, online statements, debit cards, ATM’s and telephone teller access.
The Credit Union operates 21 convenient service 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. Today, the financial cooperative provides financial products and services to nearly 47,000 member-owners.
Beacon Credit Union is privately insured up to $250,000 per account by American Share Insurance and is an equal housing lender.
For more information, visit beaconcu.org, my.beaconcu.org, or call 1-800-762-3136.
About Midwest Ag Finance
Midwest Ag Finance is a leading financial services company that focuses solely on the needs of today’s agricultural community. They are the largest FSA-guaranteed lender in Indiana. Headquartered in Rushville, they have eight offices that service the entire State of Indiana and 45 employees that all have roots in agriculture. Midwest Ag Finance specializes in farm real estate, equipment, operating,FSA guaranteed and commercial/agribusiness loans; crop insurance and equipment leasing.
For more information, visit www.midwestag.com or call 765-932-2750.