Zeal Credit Union of Livonia, MI, and Miners State Bank of Iron River, MI, alongside its bank holding company, MSB Bankshares, Inc., have entered into a definitive agreement whereby Zeal Credit Union will purchase substantially all of the assets and liabilities of Miners State Bank in an all-cash transaction.
While the agreement is contingent on obtaining regulatory and MSB stockholder approvals, the proposed transaction has been approved by both institutions’ board of directors. The transaction is expected to close by the end of the fourth quarter of 2026. Following the completion of the transaction, Miners State Bank will liquidate and distribute its remaining assets to its stockholders.
When the purchase is complete, Zeal will have more than $1.1 billion in assets and an expanded footprint in Michigan’s Upper Peninsula. At this time, Zeal is expected to keep predominately all employees and branches while investing in the local communities served by Miners State Bank.
Julie Kreinbring, President & CEO of Zeal, said, “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. Miners State is a well-managed, community-oriented bank, and we look forward to welcoming their customers and employees into the expanding Zeal family.”
Paul Hinkson, Chairman & CEO of Miners State Bank, said, “We are very proud of our new affiliation with Zeal Credit Union and look forward to the success that this partnership will bring. During the process, it became clearly evident that we share the same core values regarding customer service, customer care and employee well-being. We are excited by what the future holds in store.”
Wipfli Corporate Finance Advisors LLC is serving as financial advisor and Honigman LLP as legal counsel to MSB Bankshares, Inc. and Miners State Bank. Donnelly, Penman & Partners, Inc. is serving as financial advisor and Luse Gorman, PC as legal counsel to Zeal Credit Union.
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