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Tuesday, January 10, 2006

Indianapolis Media on Waterfield Sale

WISH-TV and the Indianapolis Business Journal report on speculation that Union Federal Bank and Waterfield Mortgage, both parts of the Waterfield Group based in Fort Wayne, will be sold.
Might a bank with deep Hoosier roots be in the hunt for an out-of-state buyer?

24-Hour News 8 news-gathering partner the Indianapolis Business Journal reports growing speculation that locally-owned Union Federal Bank will be sold to an out of state company.

As the largest locally-owned bank in the state, Union Federal is a sponsor of the Colts. The bank's name is even on the team's training center and their commercials tout the bank as the official bank of the team.

Many analysts fear that an out-of-state institution would be less community-driven.

"A lot of local companies are more inclined to support local institutions or local sports teams and we have the same issue going right now with Marsh, where Marsh is looking for a buyer and Marsh is a big sponsor of a lot of organizations. It remains to be seen whether an out of state buyer will have that same local investment that a local company has,” said Greg Andrews, IBJ.

IBJ has spoken to analysts who believe Union Federal and its parent company, Waterfield Mortgage Company, will be sold separately.

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