The $1.2 billion Advia Credit Union in Parchment, Mich., said Friday its acquisition of the $82 million Mid America Bank in Janesville, Wis., will finalize Aug. 1.
The purchase means Advia gains four Mid America Bank branches in south central Wisconsin and more than 3,000 of the former bank's customers. The credit union's field of membership will also expand by eight counties.
Financial terms of the acquisition were not disclosed when the deal was announced in February.
Founded in 1910, Mid America Bank posted a net loss of $37,000 at the end of the first quarter with a return on assets of -0.18% and a return on equity of -1.56%, according to the FDIC. The bank's deposits totaled $73 million at the end of quarter one.
Mike Jones, president/CEO of Mid America Bank, has accepted the position of regional vice president of Advia CU's Wisconsin and Illinois regions. He will oversee six branches.
Advia also said plans are under way for expansions of its Waukesha and Madison, Wis. branches.
In addition, the bank's 20 employees will be making the transition from Mid America Bank to Advia CU.
"It is an exciting time for us as we continue to grow and expand our field of membership and our Advia team, and strengthen our commitment within Wisconsin," Cheryl DeBoer, president/CEO of Advia CU, said in a prepared statement.
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