Even as their new St. Joseph branch nears completion along Niles Avenue in the Southtown neighborhood, Honor Credit Union is growing again through acquisition. This time it's another Upper Peninsula community bank that is joining the fold.
Citizens State Bank of Ontonagon has announced today that they have reached an agreement to sell all assets and liabilities to Honor Credit Union, headquartered at Berrien Springs. Following receipt of all applicable regulatory and shareholder approvals, Citizens State Bank of Ontonagon will be sold to, and merge with, Honor Credit Union.
As a result of today's transaction, Ontonagon's customers and communities can look forward to increased benefits that will help them achieve their own unique financial goals. Additional information will be provided to Citizens State Bank of Ontonagon customers as the regulatory process moves forward and transition timing is determined.
Willie DuPont is President of Citizens State Bank of Ontonagon. He says, “The Citizens State Bank of Ontonagon has been a part of the Ontonagon community for 107 years and we take great pride in the responsibility of providing for our customers and bettering our community." He adds, “We are extremely excited to welcome Honor Credit Union to our community, which will allow us to provide benefits not previously possible, including numerous loan options, lower loan rates and higher deposit rates just to name a few.”
Ron Lauren is Northern Market President for Honor Credit Union. He says, “The core of Honor Credit Union is to live our member promise of Providing Solutions For Financial Success.” He too adds, “We are excited to bring this member promise to the Ontonagon community.”
Meanwhile, Honor Credit Union CEO Scott McFarland says, “The history of service that Citizens State Bank of Ontonagon has is incredible and is a legacy that Honor Credit Union is honored to contribute to.” He points out that, “With aligning cultures and community commitments, we are looking forward to getting to know our new Ontonagon friends and neighbors.”
Contingent upon regulatory and shareholder approval, Citizens State Bank of Ontonagon will become a part of Honor Credit Union. For additional information on Honor Credit Union and the member benefits coming to Ontonagon, visit www.honorcu.com.
Honor Credit Union is represented by Michael M. Bell, Esq., of Howard & Howard Attorneys, PLLC and Citizens State Bank of Ontonagon is represented by Kevin Janke of Wipfli Corporate Finance Advisors, LLC and Reinhart Boerner Van Deuren s.c.
No immediate deadline was set for the anticipated conclusion of the deal, however it is expected to clear all regulatory hurdles this summer or fall.