Traverse City, Mich.-based 4Front Credit Union is acquiring Michigan-based Old Mission Bank.
The acquisition, which is expected to close later this year, includes Old Mission Bank’s headquarters in Sault Ste. Marie and another branch in Pickford, Mich. 4Front Credit Union is expected to grow to include nearly $1.2 billion in assets and 20 branches. The agreement is the first credit union-bank deal of 2023, according to S&P Global.
The locations will operate as Old Mission, a division of 4Front Credit Union, said 4Front CEO Andy Kempf. The CU will operate the two current branches and retain Old Mission Bank’s employees.
“We look forward to expanding our services in the Upper Peninsula to even more people through exceptional experiences, wherever they are on their financial journey,” Kempf added.
McQueen Financial Advisors, Clawson, Mich., acted as financial advisors to 4Front Credit Union, and Honigman LLP, Detroit, provided legal counsel. Hovde Group, Inverness, Ill., acted as financial adviser to Old Mission Bancorp, and Varnum LLP, Grand Rapids, Mich., provides legal counsel to both the holding company and bank.
“We are excited about our new partnership with 4Front Credit Union, which will bring expanded opportunities to our customers, employees, and communities while keeping the hometown feel,” said Old Mission Bank President and CEO Gary Sharp.