Seven credit unions in Michigan plans to open a new trust bank late in the first quarter of 2019 after receiving approval from state regulators.
The proposed formation of a trust bank by seven Michigan credit unions gives new fodder to a long-standing battle in the financial services industry.
Honor Credit Union’s proposed acquisition of Citizens State Bank of Ontonagon has been cancelled, according to a report.
Two pending deals where West Michigan-based credit unions are buying small community banks follow an emerging trend nationally.
Here is the MiBiz Growth Report for June 26, 2017:
Here is the MiBiz Growth Report for June 12, 2017.
GRAND RAPIDS — Michigan State University Federal Credit Union’s plan for a downtown office brings another player into the market as Michigan credit unions enjoy a period of strong growth.
BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.
Here is the MiBiz Growth Report for March 6, 2017:
• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.