Michigan credit union to buy bank branch
Citizens Community Bancorp in Eau Claire, Wis., has agreed to sell a Michigan branch to a credit union.
The $975 million-asset Citizens Community said in a press release Monday that it will sell its branch in Rochester Hills, Mich., to Lake Michigan Credit Union for about $2.5 million.
The sale, which is expected to close in the second quarter, includes about $35 million in deposits and about $300,000 in fixed assets. Citizens Community will keep all loans associated with the branch.
“The sale of our Michigan location will realign our branch network to northwest Wisconsin and southern Minnesota and reflects a good value to shareholders from the branch sale,” Steve Bianchi, Citizens Community's president, said in the release. “Our employees and customers will benefit from [Lake Michigan's] strong reputation as an outstanding place to work and bank."
Lake Michigan Credit Union, the state's biggest credit union, plans to keep the branch’s staff. Sandy Jelinski, the credit union's president and CEO, said in the release that the new branch strengthens her institution's market position.
Briggs & Morgan and FIG Partners advised Citizens Community. Howard & Howard advised Lake Michigan Credit Union.