Michigan CU Bank Purchase Called Off

Michigan CU Bank Purchase Called Off
January 31, 2018 Marketing GrafWebCUSO

The $852 million Honor Credit Union of Berrien Springs, Mich. will not buy the $53.3 million Citizens State Bank of Ontonagon, Mich.

“Citizens State Bank of Ontonagon and Honor Credit Union have mutually decided to continue serving their respective customers and members independently versus moving forward with their previously announced partnership,” according to a prepared statement released by both institutions on Jan. 24.

The proposed assets and liabilities acquisition agreement announced in May 2017 was the first planned credit union acquisition of a bank last year.

Although the bank acquisition was called off, Honor CU completed merger agreements with two Michigan credit unions in 2017. They were the $19.6 million Battle Creek Area Community Credit Union and the $84.7 million Post Community Credit Union.