Old Mission Bank in Sault Sainte Marie, Mich., has agreed to be sold to 4Front Credit Union in Traverse City, Mich.
The $1 billion-asset 4Front said in a press release that it expects to buy the $130 million-asset bank from Old Mission Bancorp by the end of this year. The price wasn’t disclosed.
“We believe in making banking smart and simple,” Andy Kempf, the credit union’s CEO, said in a press release. “We look forward to expanding our services in the Upper Peninsula to even more people through exceptional experiences, wherever they are on their financial journey.”
Old Mission would be the first bank acquisition for 4Front. It is the first credit union-bank deal to be announced this year.
Overall, 16 credit union-bank deals were announced in 2022, matching the record for the busiest year for such transactions.
McQueen Financial Advisors and Honigman advised 4Front Credit Union. Hovde Group and Varnum advised Old Mission.