LIVONIA, Mich.–Zeal Credit Union said it has entered into an agreement to purchase substantially all of the assets of Iron River, Mich.-based The Miners State Bank in an all-cash transaction.
Terms of the transaction were not released.
While the agreement is contingent on obtaining regulatory and MSB stockholder approvals, the proposed transaction has been approved by both institutions’ board and is expected to close by the end of the fourth quarter of 2026, Zeal Credit Union said. Following the completion of the transaction, The Miners State Bank will liquidate and distribute their remaining assets to its stockholders.
When the purchase is complete, the $864.1-million Zeal CU said its assets will increase to more than $1.1 billion and will it will have an expanded footprint in Michigan’s Upper Peninsula as its branch network increases to 22. Zeal said it currently expects to predominately all the employees and all branches while investing in the local communities served by The Miners State Bank.
‘Well-Managed, Community Oriented’
“We are excited for the opportunity to partner with The Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula,” ZCU President and CEO Julie Kreinbring said in a statement. “The Miners State is a well-managed, community-oriented bank and we look forward to welcoming their customers and employees into the expanding Zeal family.”
Luse Gorman, PC is serving as legal counsel and Donnelly Penman & Partners is serving as financial advisor to Zeal Credit Union. Honigman LLP is serving as legal counsel and Wipfli LLP is serving as financial advisor to MSB Bankshares, Inc. and The Miners State Bank.
