WATERLOO, Iowa–Veridian Credit Union is reporting it has finalized its acquisition of Eden Prairie, Minn.-based American Investors Bank and Mortgage (AIBM).
The acquisition marks the $6.9-billion Veridian’s entry into Minnesota, expanding the credit union’s field of membership to include eight counties surrounding the Twin Cities, including Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright.
“We’re excited to welcome the employees and clients of AIBM to Veridian and eager to become a part of the Eden Prairie community,” said Veridian President and CEO Renee Christoffer. “Combining our resources will create greater access and opportunity for AIBM clients and Veridian members alike. The future we share is bright.”
Personnel Moves
Veridian said it has retained all 14 remaining AIBM employees. After eight years as AIBM’s president, Tom Fleck, has been named as Veridian’s Twin Cities regional manager. Veridian’s Carina Vandenakker will report to Fleck as branch manager for the Eden Prairie branch, the sole office previously operated by AIBM. Vandenakker has worked at Veridian for 16 years, including 11 years as a branch manager, the credit union said.
More Than $100 Million in Assets
American Investors Bank and Mortgage was chartered in 2004 in Edina, Minn., and had approximately $113 million in assets as of September 30, 2022.
AIBM was advised by Winthrop & Weinstine PA as legal counsel and Oak Ridge Financial as financial advisor. Veridian was advised in the transaction by Honigman LLP as legal counsel and Hovde Group as financial advisor.
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