Under the agreement, some branches will be rebranded to "Hantz Credit Union."
The $1.1 billion Credit Union ONE said it expects to complete its acquisition of the $222 million Hantz Bank later this year.
In a prepared joint statement, the Ferndale, Mich.-based credit union said it signed a definitive agreement last week to merge with the state-charted bank in Southfield, Mich., that serves about 5,000 customers and operates six branches. Credit Union ONE serves more than 131,000 members and operates 20 branches.
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The financial institutions agreed to operate some of its branches under the brand name "Hantz Credit Union," after regulators approve the deal.
Financial terms of the transaction were not disclosed.
"This merger creates significant opportunities to expand our market presence and accelerate long-term growth plans, especially in the commercial and mortgage lending arenas," said Gary Moody, President/CEO of Credit Union ONE.
What's more, the credit union has a long relationship with the Hantz Group, a provider of financial planning, tax, insurance and investment services. The Hantz Group with locations throughout Michigan and Ohio will continue to serve Credit Union ONE members and the Hantz Group clients will have their consumer and commercial banking needs served by the credit union.
"Scale is essential to successfully grow, and combining the talents and resources of Hantz Bank with those of Credit Union ONE creates both the scale and expertise to deliver such outcomes," John Hantz, the bank's chair, said. "We look forward to completing the merger and shifting our focus to the opportunities presented by our ongoing relationship."
At the end of last year, Hantz Bank posted total deposits of $193 million and equity capital of more than $27 million, according to its finances filed with the FDIC. The bank also posted net income of more than $2.1 million with a ROA of 1% and a ROE of 8.12% at the end of 2017.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
