Transaction Overview

Interra Credit Union, headquartered in Goshen, Indiana, has entered into a definitive agreement to acquire The Hicksville Bank, an Ohio-based financial institution, in an all-cash transaction. The companies made the joint announcement on Wednesday.

While the financial terms of the deal were not disclosed, The Hicksville Bank reported total assets of $217 million, loans of $137 million, and deposits of $195 million as of Dec. 31, 2025, according to data from the Federal Financial Institutions Examination Council.

Regulatory Approval and Timeline

The proposed acquisition is subject to approval from banking regulators and shareholders of Empire Bancshares, the holding company that owns The Hicksville Bank. According to an Interra website, the transaction is expected to close by late fall of this year.

Institutional Profiles

Interra Credit Union, established in 1932, currently serves approximately 90,000 members through 16 branches located across northwestern Indiana. The credit union employs about 325 people, according to a news release.

The Hicksville Bank, which traces its roots to 1901, operates four locations—two in Ohio and two in Indiana, as detailed on its website. Mindy Bobay, president and CFO of The Hicksville Bank, confirmed the lender has 42 employees.

Leadership Perspectives

In messaging to customers, Interra stated that the bank acquisition allows the credit union "to grow in a way that stays true to who we are."

"This is about honoring the legacy of two organizations that share a deep commitment to their communities and build a new future together," said Amy Sink, CEO of Interra Credit Union, in a news release. "We're excited to build on that foundation and continue delivering the service, trust, and support our members and customers expect."

Greg Smitley, CEO of The Hicksville Bank, echoed similar sentiments in the release, noting that Interra "shares our belief that banking should be personal, accessible, and deeply connected to the places we serve."

Employment and Branch Commitments

Interra has assured that no branch closures or employee reductions will result from the acquisition. The credit union emphasized its commitment to preserving the existing workforce and physical footprint of The Hicksville Bank.

Industry Context

This acquisition marks the fourth whole-bank purchase by a credit union announced so far this year. In March, Milwaukee-based Landmark Credit Union said it would buy American National Bank-Fox Cities, based in nearby Appleton, Wisconsin.

Earlier in the year, Tuscaloosa, Alabama-based Alabama One Credit Union announced in February its intention to acquire Peoples Independent Bank. In January, Livonia, Michigan-based Zeal Credit Union agreed to acquire Upper Peninsula-based Miners State Bank.

The pace of credit union-bank consolidation has accelerated notably. A record 22 credit union-bank deals were announced in 2024, although a couple of those were later scrapped. Sixteen such deals were announced last year.

Industry Debate

The rising volume of these transactions has drawn criticism from bank trade groups, including the Independent Community Bankers of America (ICBA), which has called for credit unions with more than $1 billion in assets to be subject to taxation. Bank groups contend that the tax-exempt status of credit unions creates an uneven playing field, allowing them to offer higher acquisition prices than taxable bank buyers.

"Large credit unions are promoting a narrative of community service while aggressively expanding beyond their original mission and undermining local communities," said ICBA President and CEO Rebeca Romero Rainey in a Wednesday news release.

Conversely, the trade group America's Credit Unions has urged legislators to preserve credit unions' tax exemption, arguing that the current framework supports community-focused financial services.