Michigan State University Federal Credit Union in East Lansing, Mich., has agreed to buy McHenry Savings Bank in McHenry, Ill. The $7.6 billion-asset credit union said in a press release that it expects to buy the $312 million-asset unit of McHenry Bancorp in the first quarter. The credit union plans to pay $39 to $41 in cash for each share of McHenry Bancorp. This would be the first bank acquisition

Five Star Credit Union in Dothan, Ala., has lined up its third bank acquisition. The $775 million-asset credit union said in a press release that it has agreed to buy the $215 million-asset OneSouth Bank in Macon, Ga. The price wasn’t disclosed. The deal is expected to close in the second quarter. Five Star bought Flint River National Bank in 2014 and Farmers State Bank a year later. "Five Star

A pair of banks has filed with regulators to proceed with pending acquisitions. Commerce Bancorp in Greenwood, Miss., applied to acquire Morton Bancorp in Morton, Miss., and $80.9 million-asset unit Bank of Morton. No terms were disclosed when the deal was announced in July. Commerce, the parent of the $810 million-asset Bank of Commerce, expects to close the deal in the first quarter. Separately, MC Bancshares in Morgan City, La.,

Summit State Bank in Santa Rosa, Calif., is dealing with a potential hostile takeover by Big Poppy Holdings in Santa Rosa. Big Poppy, the parent of the $5.7 billion-asset Poppy Bank, applied with the Federal Reserve for a “change in control” that would allow it to boost its 4.9% stake in the $1.2 billion-asset Summit to up to 24.99%. It is unclear whether the application means that Big Poppy is

Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses. The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan. Pension obligations were distributed through a combination of lump-sum payments to participants and the purchase of a group annuity contract. Sandy Spring said

Live Oak Bancshares in Wilmington, N.C., has a new bank president. The $10.8 billion-asset company said in a press release that BJ Losch had succeeded Huntley Garriott. Live Oak did not say why Garriott had left or where he was going. Losch will remain the company’s chief financial officer. Losch, who had also served as Live Oak’s chief banking officer, previously served as CFO at First Horizon. “The board and

Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas.   The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million.   Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third parties, for a fee of 20 basis points of the principal balance of the loans

Central Plains Bancshares in Grand Island, Neb., plans to raise $36.8 million as part of a mutual conversion. The parent of the $438 million-asset Home Federal Savings and Loan Association of Grand Island said in a press release that it expects to sell about 3.7 million shares of common stock at $10 each. The company could sell as much as 4.2 million shares, for about $42 million of proceeds, if