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Friday, 13 October 2017 15:35

Lake Michigan Insurance Agency acquires Muskegon Insurance Agency

Written by  MiBiz Staff
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Ken Jansen, President of Lake Michigan Insurance Agency Ken Jansen, President of Lake Michigan Insurance Agency Courtesy Photo

Lake Michigan Insurance Agency, a division of Grand Rapids-based Lake Michigan Credit Union, has acquired the 110-year-old Muskegon Insurance Agency.

The acquisition follows Lake Michigan Insurance Agency’s strategy of buying agencies located where the credit union has a branch presence. Terms of the deal were undisclosed and all employees of Muskegon Insurance were retained.

“Bringing insurance coverage to communities in which we already have a retail branch presence has always been a strategic goal. Muskegon Insurance Agency offers both business and personal lines of insurance in and around the lakeshore community,” Lake Michigan Insurance President Ken Jansen said. “As a result of this acquisition, LMIA is now in a position to offer more insurance products to both new and current members going forward.”

Founded in 1907, the formerly family-owned Muskegon Insurance was run for several years by Mark Schrier.

Lake Michigan Credit Union has 45 branches, including four in Florida, and recently opened new offices in Saginaw and White Lake. The credit union had total assets and of June 30 of $5.18 billion and $4.08 billion in deposits.

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