BERRIEN SPRINGS — A planned merger between Honor Credit Union and a bank has been called off.
Citizens State Bank of Ontonagon has agreed to be acquired by Honor Credit Union, but the deal will not proceed, a credit union spokesperson told the Herald Palladium. The planned combination had first been announced in May of 2017.
“Citizens State Bank of Ontonagon and Honor Credit Union have mutually decided to continue serving their respective customers and members independently versus moving forward with their previously announced partnership,” the two organizations said in a statement first reported by the Herald Palladium. “With a combined almost 200-year heritage of serving communities in the state of Michigan, both Citizens State Bank and Honor Credit Union look forward to providing financial solutions in their communities.”
Honor CU has acquired several credit unions in mergers in recent years.