Hancock, Mich.-based Keweenaw Financial Corp. and Range Financial Corp., Marquette, Mich., plan to merge in an all-stock transaction. .The merger is expected to close in the fourth quarter and result in a combined bank with $1.68 billion in assets and $1.43 billion in deposits. The bank will be headquartered in Hancock and have executive offices in Marquette. Keweenaw Financial is the holding company of the $1.05 billion Superior National Bank. The bank has 200 employees and 10 branches in Michigan’s Upper Peninsula and Southeast Michigan. Range Financial is the holding company of the $635 million Range Bank, which has 110 employees and eight branches in the Upper Peninsula and Green Bay, Wis. Superior National Bank President and CEO Mike Hauswirth will be CEO of the combined bank. Range Bank Chief Lending Officer Jamey Markham will be president of the combined bank. Range Bank Chair, President and CEO Roxanne Daust plans to retire at the end of this year. Piper Sandler & Co. was financial advisor to Keweenaw Financial Corp., while Warner Norcross + Judd LLP was legal advisor to the company. Performance Trust Capital Partners was financial advisor to Range Financial Corp. and delivered a fairness opinion to the Keweenaw Financial Board of Directors. Hunton Andrews Kurth LLP was legal advisor to the company.
