Map of Michigan. Credit/Shutterstock
Officials with the Livonia, Mich.-based Zeal Credit Union and the Ironwood, Mich.-based Gogebic Range Bank, along with its holding company West End Financial Corp., announced Monday that they have entered into a definitive agreement for Zeal CU to purchase substantially all of the assets and liabilities of Gogebic Range Bank.
The all-cash transaction agreement is contingent on regulatory and West End Financial Corp. stockholder approvals and, if approved, officials hope to complete the deal by the third quarter of 2025.
According to Monday’s announcement, the boards of directors of both institutions have approved the proposed transaction.
Once completed, Zeal CU will expand its number of branches from 12 to 16 and reach well beyond its current field of membership area outside of Detroit to nearly 600 miles away into the Upper Peninsula portion of the state that borders Wisconsin. Zeal CU’s asset size will be approximately $975 million.
Gogebic Range Bank has approximately $147 million in total assets, and four branch offices serving the western edge of the Upper Peninsula of Michigan and Northeastern Wisconsin.
Julie Kreinbring, president/CEO of Zeal CU said, “We are excited for the opportunity to partner with Gogebic Range Bank and to improve access to our member benefits in the Upper Peninsula of Michigan and other contiguous market areas. Gogebic is a well-managed bank, and we look forward to welcoming their customers and employees into our family. Gogebic’s customers will become members of Zeal with full access to our wide array of products and services and our members will have expanded locations in the Upper Peninsula.”
According to the announcement, Zeal CU is expected “to keep predominately all the employees and all the branches of” Gogebic Range Bank.
In a prepared statement, Neil Beckman, president/CEO of Gogebic Range Bank added, “After carefully considering what is best for our employees, customers, shareholders, and the communities we serve, we believe our decision to partner with Zeal is the best path forward for our organization. We are excited to bring together two organizations focused on exceptional customer service and high value products, as well as a philosophy of strong community support.”
Following the completion of the transaction, according to the joint statement, Gogebic Range Bank will liquidate and distribute any remaining assets to its stockholders.
This is the 22nd credit union-bank acquisition agreement that has been announced in 2024.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
