Keweenaw expands closer to Detroit with deal for North Star

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Keweenaw Financial in Hancock, Mich., has agreed to buy North Star Financial Holdings in Bingham Farms, Mich.

Keweenaw, the parent of the $575 million-asset Superior National Bank and Trust, said in a press release Wednesday that it will pay $42 million in cash for the parent of the $280 million-asset Main Street Bank. The deal is expected to close in the first quarter.

The deal will introduce Superior to southeast Michigan, where Main Street has two branches, three mortgage offices and a commercial loan office.

“This acquisition brings two strong banking teams together and gives us greater capacity to invest in better products and services for our customers,” Dave Vlahos, Superior’s president and CEO, said in the release.

“We’re expanding our geography and service area as well as enhancing our team with a larger suite of banking products and tools to better serve customers,” Vlahos added.

Superior said it expects no immediate changes to locations or service lines.

Superior was advised by Charter Capital Partners, Olejniczak Advisors, John Hecht Consulting and Warner Norcross & Judd, while ProBank Austin issued a fairness opinion. Main Street was advised by McQueen Financial Advisors; Kus Ryan & Associates; and Seyburn Kahn.

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