Lake Michigan Credit Union (Grand Rapids, MI) has entered into a purchase and assumption agreement to buy the Rochester Hills (MI) branch of CCF Bank, the subsidiary of Citizens Community Bancorp (Eau Claire, WI).
The purchase and assumption agreement includes approximately $35 million in deposits and approximately $300,000 in fixed assets.
Lake Michigan CU has agreed to pay a 7 percent deposit premium or approximately $2.45 million.
All loans will remain with CCF Bank.
The purchase is subject to regulatory approvals and is expected to close in the second quarter of 2019.
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Good for Lake MI CU. Those bank customers will be better off as credit union members.
ReplyDeleteReally? One of the richest, most affluent townships in MI. How is this serving people of modest means? LMCU really isn't a credit union to begin with. It's a mortgage originator and servicer that pays no income tax. Consistently generates a pretax ROA in excess of 1.60% and uses capital to gobble up market share. This is what greed looks like. Stealing from the coffers of local communities by not paying income tax like every other business does. Almost $90 million of net income; no income taxes paid.
DeleteThis is a wonderful credit union, the people there are so nice!! So unlike the people at the big banks...
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