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Report: Honor Credit Union calls off acquisition of U.P. bank

BY MiBiz Staff Thursday, February 01, 2018 01:10pm

BERRIEN SPRINGS — Honor Credit Union’s proposed acquisition of Citizens State Bank of Ontonagon has been cancelled, according to a report.

The Herald Palladium in St. Joseph reports that the Berrien Springs-based Honor Credit Union and Citizens State Bank of Ontonagon “mutually decided” earlier this month to drop the proposed deal.

If it had gone through, the acquisition would have expanded Honor Credit Union’s presence in the Upper Peninsula, where Citizens State Bank of Ontonagon has three offices and assets of $45.5 million. Honor also has three offices in the U.P. in Marquette, Negaunee and Gwinn that it acquired in the 2014 merger with SIR Federal Credit Union.

Honor Credit Union previously completed two mergers with other credit unions: Battle Creek Area Community Federal Credit Union on April 1, 2017, and a Post Community Credit Union, also in Battle Creek, on Oct. 1, 2017.

The two deals grew Honor to 24 offices in Southwest Michigan and the U.P. The credit union ended 2017 with 77,421 members, total assets of $852.6 million, and $705.6 million in deposits, according to a quarterly financial report filed with the National Credit Union Administration. Honor recorded net income of $8.6 million in 2017.

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