Map of Michigan. (Source: Shutterstock)
Credit Union ONE in Ferndale, Mich., said Thursday it received approvals from the Michigan Department of Insurance and Financial Services and the NCUA that finalized the acquisition of the $228 million Hantz Bank in Southfield, Mich.
Following the closing of the transaction on June 1, the combined financial institutions will serve approximately 130,000 members, manage $1.5 billion in assets, and operate 27 branches in Michigan and Ohio.
Recommended For You
The planned acquisition was initially announced in May 2018. Financial terms of the deal were not disclosed.
The state-chartered bank finished the first quarter of 2019 with $198 million in deposits, equity capital of more than $30 million, net income of $496,000, and an ROA of 0.86% according to the FDIC.
"This merger presents tremendous opportunities to create value for our members and community by offering a greater range of services, especially to small businesses, expanding our market presence, and deepening our strategic partnership with Hantz Group," Gary Moody, president/CEO of Credit Union ONE, said.
The credit union has a long-standing relationship with Hantz Group, a provider of financial planning, tax, insurance and investment services, which will continue to offer its services to f Credit Union ONE members, while the clients of Hantz Group will have their consumer and commercial banking needs met by the credit union.
Credit Union ONE also said it has gained approval from Michigan and Ohio regulators to expand its membership base outside of Wolverine State to include six counties in the Buckeye State. The credit union will operate a branch inside of a Hantz Group office in Willoughby.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
