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Lake Michigan CU Agrees to Buy Bank Branch for $2.45 Million

The branch serves the affluent community of Rochester Hills.

The $5.9 billion Lake Michigan Credit Union in Grand Rapids, Mich., said Monday it signed a purchase and assumption agreement to buy a CCF Bank branch in Rochester Hills, Mich., for $2.45 million.

Among Michigan’s 22 cities and townships with a population of more than 65,000 people, Rochester Hills is the state’s third most affluent community with a median family income of $110,853, according to the 2017 U.S. Census data posted earlier this year by MLive.com, a local news outlet. The population of Rochester Hills is more than 74,000.

CCF Bank, a subsidiary of Citizens Community Bancorp Inc., said in a prepared statement that the purchase and assumption agreement includes about $35 million in deposits and $300,000 in fixed assets. LMCU has agreed to pay a 7% deposit premium or about $2.45 million, while all of the branch’s loans will remain with CCF Bank.

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Peter Strozniak

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