Lake Michigan CU Buys Insurance Agency
GRAND RAPIDS, Mich. – Lake Michigan CU said yesterday it is expanding its Lake Michigan Insurance Agency CUSO with plans to acquire Van Tol, Magennis and Lang Inc.
The combined agency will offer both business and personal insurance to the Grand Rapids and Kalamazoo area markets.
Financial terms of the deal were not disclosed.
Lake Michigan Insurance Agency will be housed in VML’s Grand Rapids offices. The new staff will merge VML’s 15-person workforce and Lake Michigan insurance Agency’s nine employees. The combined agency will be co-branded with Lake Michigan Insurance Agency and VML.
Lake Michigan is the largest credit union in west Michigan and the second-largest in the state with $2 billion in assets. It recently expanded into southwest Michigan when it merged with Kalamazoo-based Citizens CU.