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Michigan & Alabama Credit Unions Announce Bank Acquisition Deals

Michigan State University FCU plans to buy McHenry Savings Bank and Five Star CU expects to purchase OneSouth Bank.

handing over a binder labeled 'Acquisition' Credit/Shutterstock

The $7.7 billion Michigan State University Federal Credit Union in East Lansing and the $773 million Five Star Credit Union in Dothan, Ala., announced proposed agreements on Monday to complete bank acquisitions by next year, pending approvals from shareholders and regulators.

MSUFCU has signed a definitive agreement to acquire the $322 million McHenry Savings Bank in McHenry, Ill., for an estimated $36.3 million to $38.2 million. Shareholders are expected to receive approximately $39-$41 in cash for each share of McHenry Bancorp, Inc. common stock, subject to adjustment based on McHenry Savings Bank’s equity value at closing. McHenry Savings Bank has recorded shares outstanding of 931,709.

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