Livonia, Mich.-based Zeal Credit Union is expanding in the state’s Upper Peninsula acquiring Miners State Bank..The deal, announced Jan. 8, is expected to close by the end of the year. By acquiring the $144 million, Iron River-based Miners State Bank, Zeal Credit Union will surpass $1.1 billion in assets and operate 22 branches statewide. Zeal Credit Union has $1 billion in assets and operates 17 branches across metro Detroit and western Upper Peninsula communities.Zeal Credit Union President and CEO Julie Kreinbring said the transaction aligns with the credit union’s mission to expand access to financial services while maintaining a community focus. Paul Hinkson, chair and CEO of The Miners State Bank, said the partnership reflects shared values around customer service, employee well-being and community commitment.The deal is the second bank acquisition Zeal Credit Union has announced over the last 12 months in the Upper Peninsula. Last year, Zeal CU acquired Ironwood, Mich.-based Gogebic Range Bank. Luse Gorman, Washington, D.C., is legal counsel while Grosse Pointe Farms, Mich.-based Donnelly Penman & Partners is financial adviser to Zeal Credit Union. Detroit-based Honigman is legal counsel, while Milwaukee-based Wipfli is financial adviser to MSB Bankshares.
