ROCHESTER HILLS, Mich.–Lake Michigan Credit Union said it has closed on the purchase of a branch from CCF Bank at 310 West Tienken Road. The announcement was made by Sandy Jelinski, LMCU president and CEO.
CCFBank is a subsidiary of Citizens Community Bancorp, Inc., based in Eau Claire, Wis., and has branch locations in Wisconsin and Minnesota.
The acquisition brings to five the number of branches Lake Michigan CU has on the east side of the state, and to 55 the number of branches it operates in Michigan and southwest Florida.
As CUToday.info reported earlier, the purchase and assumption agreement includes approximately $35 million in deposits and approximately $300,000 in fixed assets.
LMCU agreed to pay a 7% deposit premium, or approximately $2.45 million. All loans associated with the branch will remain with CCF Bank, the CU said.
Lake Michigan CU was represented in the deal by Howard & Howard, which has handled numerous other bank acquisitions by credit unions.