Michigan Credit Union Completes First Acquisition of Michigan Bank
4Front CU expands its market in the state’s eastern Upper Peninsula market with Old Mission Bank purchase.
The $999 million 4Front Credit Union in Traverse City, Mich., said it completed the acquisition of the $123 million Old Mission Bank (OMB) in Sault Ste. Marie, Mich., last week.
The transaction, which gives the credit union a foothold in Michigan’s eastern Upper Peninsula market, will grow the credit union’s assets to nearly $1.2 billion and 20 branches.
Established in 2000, OMB’s 25 employees run two branches in Sault Ste. Marie and Pickford, and managed $52.9 million in loans and $107 million in deposits, according to the bank’s second quarter financial reports filed with the FDIC.
When the credit union announced the acquisition in January, plans called for the bank’s branches to operate as “Old Mission, a division of 4Front Credit Union.”
“We are thrilled to welcome Old Mission’s valued customers and employees into the 4Front family,” 4Front Credit Union President/CEO Andy Kempf said in a prepared statement. “This strategic acquisition aligns with our mission of providing exceptional financial services and strengthens our commitment to supporting the financial success of our members and the communities we serve.”
This was 4Front’s first bank buy deal and the industry’s first announced acquisition agreement in 2023.