Advia Credit Union in Parchment, Mich., has agreed to buy Mid America Bank in Janesville, Wis.
The $1.2 billion-asset Advia did not say what it will pay for the $84 million-asset Mid America. The deal is expected to close in the second or third quarter.
Advia has 24 branches and 121,000 members in Michigan, Illinois and Wisconsin. Mid America Bank has branches in the Wisconsin towns of Janesville, Williams Bay, Waukesha and Madison.
Advia said in a press release Thursday that the acquisition would "further strengthen" its position within its service area. Advia said it is ranked in the top 3% in the nation among credit unions, and would have approximately $1.3 billion in assets, 400 employees and 28 branches on closing the deal.
"We are excited and pleased to have the opportunity to welcome the customers of Mid America Bank as members of Advia Credit Union," Cheryl DeBoer, Advia's president and chief executive, said in the release. "At Advia we are committed to providing financial services that are designed to promote financial health for a lifetime to all of our members. We are equally dedicated to advancing lives in our communities and look forward to being an integral part of the south-central Wisconsin community through community outreach, volunteerism and financial literacy education."
Advia is "financially strong and well positioned for continued growth in our multi-state regions and this acquisition will allow us to compete with even greater success in the financial services industry," DeBoer added. "We look forward to establishing new partnerships, new relationships and new members with the financial well-being of the south-central Wisconsin community in mind."
"We are extremely pleased with the proposed transaction, and we believe Mid America's customers, employees, communities and shareholders will all benefit," said Mike Jones, Mid America's president and CEO. "Advia has the size, resources, and experience necessary to competitively meet the financial needs of our customers and communities now and in the foreseeable future."
Advia, which participates in shared branching networks nationally, said it provides more than 30,000 surcharge-free ATM locations through the CO-OP Network and select retail outlets in Michigan and Wisconsin.
Michael Bell of Howard & Howard served as Advia's legal adviser, while Mercer Capital was the credit union's financial adviser. John Reichert of Reinhart Boerner Van Deuren was Mid America's legal adviser, and DD&F Consulting Group served as financial adviser.