Credit Union ONE buys Hantz Bank for expansion into Ohio

Credit Union ONE in Ferndale, Mich., has acquired Hantz Bank in Southfield, Mich.

The acquisition was completed late last week. Prior to the merger, Credit Union ONE had about $1.3 billion in assets, while Hantz Bank had $200 million in assets.

The combined organization has about 130,000 members and 27 branches in Michigan and Ohio.

Credit Union ONE also said in a press release last week that it received approval from state regulators in Michigan and Ohio to expand its field of membership to include six counties in Ohio. As a result, the credit union will operate a branch inside an office of Hantz Group in Willoughby, a suburb of Cleveland.

CU One Members

Hantz Group is a financial services firm and the former owner of Hantz Bank.

With respect to Credit Union ONE’s expansion into Ohio, Gary Moody, president and CEO of Credit Union ONE, said in a press release that the expansion in Ohio is a “statement of our commitment to the post-merger relationship” with Hantz.

The final terms of the acquisition were not disclosed.

Credit Union ONE noted that it has had a long relationship with Hantz Group.

“We are excited about the merger with Credit Union ONE and believe our clients will now have an experience that is truly unique in the banking industry,” John Hantz, chairman of Hantz Bank, stated in the press release.

Hantz Bank’s customer accounts will be integrated with Credit Union ONE in early 2020 following a technology and system conversion, the credit union said. At that time, Credit Union ONE will unveil a new digital services platform.

Credit Union ONE posted net income of about $1.8 million in the first quarter, a 3.5% increase over the same period in 2018. However, membership at the credit union has fallen by almost 9% over the last four years.

A number of credit unions have announced deals to buy banks over the last two years as a way to bolster lending and membership.

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