State Flag of Michigan. Credit: rarrarorro/Adobe Stock
The $864 million Zeal Credit Union in Livonia, Mich., is expected to reach an estimated $1.1 billion in assets at the end of the year if its proposed acquisition of the $144 million Miners State Bank in Iron River, Mich., is approved by regulators and shareholders.
The financial institutions announced Wednesday they signed a definitive agreement for Zeal to buy Miners State Bank in an all-cash transaction. Financial terms were not disclosed.
Founded in 1932, the bank’s 32 employees manage $127 million in deposits and $90 million in loans, according to its third quarter financial reports filed with the FDIC. Miners State Bank runs five branches - one each in Iron River and Ontonagon and three in Houghton - and a loan production office in Marquette.
“We are excited for the opportunity to partner with The Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula, Zeal President/CEO Julie Kreinbring said in a prepared statement. “The Miners State is a well-managed, community-oriented bank and we look forward to welcoming their customers and employees into the expanding Zeal family.”
The number of customers the bank currently serves was not disclosed. Zeal serves more than 65,000 members.
If the deal receives regulatory and shareholder approvals, Zeal will expand its footprint in Michigan’s Upper Peninsula with 22 branches, according to the credit union’s prepared statement. The credit union also said it expects to retain nearly all employees and all branches while investing in the local communities served by The Miners State Bank.
“We are very proud of our new association with Zeal Credit Union and look forward to the success that this partnership will bring,” Paul Hinkson, chair and CEO of The Miners State Bank, said in a prepared statement. “During the process, it became clearly evident that we share the same core values regarding customer service, customer care and employee well-being. We are excited by what the future holds in store.”
This is the first publicly announced credit union-bank purchase deal in 2026. Last year, Zeal completed its acquisition of $149 million Gogebic Range Bank in Ironwood, Mich.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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