Zeal Credit Union in Livonia, Mich., has agreed to buy Miners State Bank in Iron River, Mich.
The $1 billion-asset credit union said in a press release that it expects to buy the $100 million-asset Miners State in the fourth quarter. The price Zeal plans to pay MSB Bankshares in the all-cash transaction wasn’t disclosed.
Following completion of the deal, Miners State will liquidate and distribute its remaining assets to stockholders.
“We are excited for the opportunity to partner with … Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula,” Julie Kreinbring, Zeal’s president and CEO, said in the release.
“Miners State is a well-managed, community-oriented bank and we look forward to welcoming their customers and employees into the expanding Zeal family,” she added.
Luse Gorman and Donnelly Penman & Partners advised Zeal. Honigman and Wipfli advised Miners State.