Keweenaw Financial in Hancock, Mich., has agreed to buy Range Financial in Marquette, Mich.
Keweenaw, the parent of the $1.1 billion-asset Superior National Bank, said in a press release that it plans to buy the $635 million-asset holding company for Range Bank in the fourth quarter. The price of the all-stock deal wasn’t disclosed.
Range Bank has eight branches.
Five Range Bank directors will join Keweenaw’s board.
Jamey Markham, Range Bank’s chief lending officer and community bank president of Copper Country, will become Superior’s president. Roxanne Daust, who is Range Bank’s chair, president and CEO, had previously announced plans to retire at the end of this year.
“We have tremendous respect for the team at Range Bank and see in them a like-minded community bank that shares our values and approach to doing business,” Mike Hauswirth, Superior’s president and CEO, said in the release. “We’re particularly excited to expand into Marquette County, Dickinson County and Green Bay by building on the trusted brand Range Bank has established in these markets.
Piper Sandler and Warner Norcross + Judd advised Keweenaw. Performance Trust Capital Partnersand Hunton Andrews Kurth advised Range.