The $852 million Honor Credit Union of Berrien Springs, Mich. will not buy the $53.3 million Citizens State Bank of Ontonagon, Mich.
"Citizens State Bank of Ontonagon and Honor Credit Union have mutually decided to continue serving their respective customers and members independently versus moving forward with their previously announced partnership," according to a prepared statement released by both institutions on Jan. 24.
The proposed assets and liabilities acquisition agreement announced in May 2017 was the first planned credit union acquisition of a bank last year.
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