EAST LANSING, Mich. — MSU Federal Credit Union has completed its acquisition of Gold Coast Bank, expanding the credit union’s presence in the Chicago market and continuing a broader trend of credit unions acquiring community banks.
The $8.2-billion MSU Federal Credit Union said the transition officially took place May 1, with former Gold Coast Bank accounts now becoming part of the credit union. According to information posted by MSUFCU and Gold Coast Bank, customers can continue using their existing accounts during a transition period expected to last up to 18 months while systems are converted.
MSUFCU said the existing Gold Coast office will remain open and that customers will gain access to additional branch locations in Illinois as part of the acquisition.
Financial terms of the deal were not disclosed.
Expansion Beyond Michigan
As the CU Daily has reported, the acquisition continues MSUFCU’s expansion beyond Michigan. Industry reports noted the credit union announced agreements in late 2024 to acquire both Gold Coast Bank and American Eagle Bank in Illinois, following earlier Illinois bank acquisitions completed in 2023.
