American 1 Federal Credit Union in Jackson, Mich., has agreed to acquire Premier Financial Credit Union of Clinton Township, Mich.

Premier Financial, which has $45 million of assets, reported it had a loss of $1.7 million last year.

American 1, which has $190 million of assets, said that the credit union will serve nearly 50,000 members once the deal is completed.

The transaction is expected to close by the end of the summer.

"American 1 … was identified as the ideal merger partner because they are committed to providing superior member service," James Safian, Premier Financial's chief executive, said in a press release Friday. "They have a proven history of financial stability and growth and they are committed to giving back to the communities they serve."

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