Michigan CU to buy Wisconsin bank

Advia Credit Union, Parchment, Mich., will buy Mid America Bank, Janesville, Wis..The $1.2 billion Advia has 24 branches and 121,000 customers in Illinois, Michigan and Wisconsin. Mid America Bank has $84 million in assets, two branches in Janesville and Williams Bay, and two LPOs in Madison and Waukesha, Wis..The move "further strengthens Advia's position within its service area," the credit union said in a press release. "Advia is financially strong and well positioned for continued growth in our multi-state region, and this acquisition will allow us to compete with even greater success in the financial services industry," said Cheryl DeBoer, Advia's president and CEO.."We are extremely pleased with the proposed transaction, and we believe Mid America's customers, employees, communities and shareholders will all benefit," said Mike Jones, president and CEO of Mid America Bank..Terms of the deal, which will close in the second or third quarter, were not disclosed..Michael Bell of Howard & Howard served as Advia's legal advisor. Mercer Capital served as Advia's financial advisor. John Reichert of Reinhart Boerner Van Deuren s.c. served as Mid America's legal advisor. DD&F Consulting Group served as Mid America's financial advisor.