Livonia, Mich.-based Zeal Credit Union is expanding into the Upper Peninsula of the state by acquiring Ironwood-based community bank Gogebic Range Bank in an all-cash deal.
The transaction is expected to close by the end of the third quarter. Following closing, $839 million Zeal Credit Union will grow to $975 million in assets while adding four branches to its current dozen. “Zeal is expected to keep predominantly all the employees and all the branches of, while investing in the local communities served by Gogebic Range Bank,” according to the bank.
The deal was the 22nd CU-bank acquisition announced in 2024, breaking the previous record of 16 in 2022.
“After carefully considering what is best for our employees, customers, shareholders and the communities we serve, we believe our decision to partner with Zeal is the best path forward for our organization,” said Gogebic Range Bank President and CEO Neil Beckman.
Washington, D.C.-based law firm Luse Gorman, PC is serving as legal counsel to Zeal Credit Union, while Troy, Mich.-based accounting and consulting firm Doeren Mayhew Advisors LLC is a financial advisor to the credit union. Grand Rapids, Mich.-based law firm Varnum LLP is legal counsel to both Gogebic Range Bank and its holding company West End Financial Corp., while Bancorp I, Inc., is a financial advisor.