Eureka Federal Savings Continues to Serve the Community

Eureka Federal Savings has been a staple in the community for over 75 years, providing reliable banking services to its members. The credit union's long history is a testament to its commitment to serving the community.

From its humble beginnings to its current status as a thriving financial institution, Eureka Federal Savings has remained true to its mission of providing affordable financial services to its members. With a strong focus on community development, the credit union continues to find ways to give back to the community it serves.

As a member-owned financial cooperative, Eureka Federal Savings operates on a not-for-profit basis, returning profits to its members in the form of better rates and services. This unique business model allows the credit union to maintain its focus on serving its members, rather than maximizing profits for external shareholders.

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Eureka Homestead Bancorp Inc., the parent company of Eureka Homestead, has been acquired by Eureka Investor Group Inc. for at least $13 million in cash.

The acquisition is still subject to approval by the Federal Reserve System Board of Governors, the Office of the Comptroller of the Currency, and Eureka Homestead Bancorp Inc.'s shareholders.

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Eureka Federal Savings was a sponsor of the one-time Eureka Federal Savings Classic, a pro golf tournament on the Champions Tour, held in San Francisco in 1981.

This event showcased their commitment to supporting local and national golf events.

Their sponsorship of the Eureka Federal Savings Classic demonstrated their involvement in the community through sports.

The tournament was a significant event in the golfing world, and their sponsorship helped make it a success.

Eureka Homestead, a Metairie-based federal savings association, is being acquired by a newly formed investor group called Eureka Investor Group Inc.

The acquisition deal involves Eureka Investor Group Inc. paying at least $13 million in cash for the purchase of Eureka Homestead Bancorp Inc., the parent company of Eureka Homestead.

Eureka Investor Group Inc. will also be required to raise at least $43 million to fund the purchase.

Eureka Homestead Bancorp hopes its shareholders will receive a dividend of roughly $20 to $22 per share once the deal closes, though the exact amount is still subject to regulatory approval.

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The acquisition is expected to close by the second quarter of 2024, pending regulatory approval from the Federal Reserve System Board of Governors and the Office of the Comptroller of the Currency.

Eureka Homestead offers savings accounts and mortgage lending services, and has a full-service branch on Veterans Memorial Boulevard in Metairie.

It had $103.7 million in assets as of June 30.