The $5.9 billion Lake Michigan Credit Union in Grand Rapids, Mich., said Monday it signed a purchase and assumption agreement to buy a CCF Bank branch in Rochester Hills, Mich., for $2.45 million.
Among Michigan's 22 cities and townships with a population of more than 65,000 people, Rochester Hills is the state's third most affluent community with a median family income of $110,853, according to the 2017 U.S. Census data posted earlier this year by MLive.com, a local news outlet. The population of Rochester Hills is more than 74,000.
CCF Bank, a subsidiary of Citizens Community Bancorp Inc., said in a prepared statement that the purchase and assumption agreement includes about $35 million in deposits and $300,000 in fixed assets. LMCU has agreed to pay a 7% deposit premium or about $2.45 million, while all of the branch's loans will remain with CCF Bank.
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"This new branch will allow us to bring our full suite of value rich products and services to the people of Rochester Hills and the surrounding area," Sandy Jelinski, LMCU president/CEO, said in a prepared statement. "As the largest credit union in Michigan, it's important for us to continually identify service opportunity gaps to strengthen our market position."
Steve Bianchi, president of CCF Bank, said the sale of the Rochester Hills branch will align the bank's branch network to northwest Wisconsin and Southern Minnesota.
The purchase and assumption agreement is expected to be completed by the second quarter of 2019, pending regulatory approvals and the satisfaction of customary closing conditions.
LMCU currently operates 42 branches in Michigan and 10 branches in Florida that serve nearly 345,000 members.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
