WABASH, Ind. — Beacon Credit Union announced Friday it has reached an agreement to acquire Midwest Ag Finance. The agreement has been approved by the board of directors for both financial institutions and includes the purchase of assets and assumption of liabilities.

The deal requires final approval by the Indiana Department of Financial Institutions.

“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,” said Kevin Willour, CEO of Beacon Credit Union.

“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.”

Beacon Credit Union stated this acquisition will help it become a better provider of agricultural-based loans, equipment leasing and crop insurance in Indiana. As part of the transaction, Beacon will retain the Midwest Ag Finance staff, including 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,” Nickel said.

“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.

“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 that offers a full range of financial products and services for individuals, families and businesses, specializing in the ag community.

Beacon is the fifth largest credit union in Indiana and the largest agricultural lending credit union in the United States. Beacon’s member base is expected to grow beyond 47,000 with assets exceeding $1.1 billion and a full-time staff of approximately 260.

Midwest Ag Finance was established in 1998 as an alternative to larger financial institutions. It offers farm real estate, equipment, operating, Farm Service Agency-guaranteed and agribusiness loans, crop insurance and equipment leasing.

Beacon Credit Union operates 21 offices throughout north-central and northeastern Indiana, which includes the communities of Angola, Auburn, Garrett, Huntington, Logansport, Marion, New Haven, North Manchester, Peru, Plymouth, Rochester, Wabash and Warsaw.

Beacon is privately insured up to $250,000 per account by American Share Insurance, and it is an equal housing lender. For more information, visit www.beaconcu.org or http://my.beaconcu.org or call 800-762-3136.

Midwest Ag Finance is headquartered in Rushville and has eight offices that service all of Indiana. Its 45 employees all have roots in agriculture. For more information, visit www.midwestag.com or call 765-932-2750.