New Buffalo Savings Bank to be Acquired by Teachers Credit Union
On April 25, it was announced TCU will acquire New Buffalo Savings Bank. We are excited for this partnership and look forward to all the additional benefits that TCU will bring to our customers and clients. Rest assured, TCU shares many similarities with us, including commitment to the community and to providing an exceptional banking experience.
Though TCU was founded as Teachers Credit Union by a group of teachers in South Bend, they aren’t just for teachers anymore. Since their founding in 1931, TCU has grown to 54 locations and more than 300,000 members, making them the largest credit union in Indiana. They offer a range of traditional banking services, plus investments and insurance for individuals and businesses alike.
As a credit union, TCU focuses on providing maximum benefits for their members. This includes typically lower loan rates and higher rates on deposits, generous rewards programs, and big investments in online and mobile technology.
TCU will be able to provide you significant flexibility to take care of your banking. In addition to having access to their 54 locations, TCU is also part of the CO-OP Shared Branch Network, which allows its members to walk into 5,600 different credit union locations nationwide to do business. You will also be able to bank whenever and wherever you want with their online and mobile banking.
While banking is important, TCU thinks impacting the community is important too. That’s why they give back more than $750,000 to the communities they are a part of each year to ensure better places to live, work and raise a family.
We are very excited about this new partnership and believe that TCU will be able to offer our clients an exceptional banking experience. If you have any questions about this transition, please let us know.
Here are answers to questions you may have:
Q: How does this acquisition affect me as a New Buffalo Savings Bank customer?
A: New Buffalo Savings Bank locations will continue to operate as normal until the sale is finalized later this year, at which time the branches will become part of TCU. Once complete, New Buffalo Savings Bank clients will become members of TCU and will enjoy access to TCU’s extensive products and services.
Q: What is the difference between a bank and a credit union?
A: At a credit union like TCU, you are a member, not just a customer. While banks are for-profit and accountable to shareholders, TCU is a nonprofit and earnings are invested back into the credit union to provide members better products, services and rates.
Q: Can a credit union handle my business accounts and loans?
A: As Indiana's largest credit union, TCU is uniquely positioned to offer the full range of business banking services you need to manage daily operations and plan for future growth. They have an experienced team of business banking specialists and business lenders to meet your company's specific needs.
Q: What types of products and services does TCU offer?
A: TCU offers a wide range of products and services for individuals and businesses alike — everything from checking, savings, loans, mortgages and credit cards to trusts, investment services, insurance and more.
Q: Will the current New Buffalo Savings Bank branches remain open?
A: Yes, all three banking locations will continue to operate as branches of TCU after the sale is finalized later this year. You will also have the opportunity to bank at TCU’s 54 other locations and at 5,600 CO-OP shared branch locations nationwide.