FERNDALE, Mich.—Credit Union One has received approval from the Michigan Department of Insurance and Financial Services and NCUA to complete the acquisition and merge in Hantz Bank, located in Southfield, Mich.
CUToday.info reported last year that the CU intended to acquire the bank.
June 1, 2019, was the effective date for completion of this transaction, the CU said.
Following the closing, the combined entity will have approximately 130,000 members, $1.5 billion in assets, and 27 branch locations in Michigan and Ohio.
‘Major Milestone’
“Regulatory approval is a major milestone in a journey that started over a year ago when we agreed to combine and leverage our strengths. We are excited to move on to the next steps of onboarding employees and members, and integrating technology systems.” said Gary Moody, president and CEO of Credit Union ONE. “This merger presents tremendous opportunities to create value for our members and community by offering a greater range of services, especially to small businesses, expanding our market presence, and deepening our strategic partnership with Hantz Group.”
“We are excited about the merger with Credit Union ONE and believe our clients will now have an experience that is truly unique in the banking industry,” said John Hantz, chairman of Hantz Bank. “At Hantz Group, we have always prided ourselves in our ability to develop products that are tailored to our clients’ needs. This merger will allow us to drive product innovation as we continue to help our clients achieve their financial goals.”
OK to Expand FOM
Credit Union ONE has also gained approval from Michigan and Ohio regulators to expand its membership base outside of Michigan to include six counties in Ohio. The credit union will operate a branch inside of a Hantz Group office in the Cleveland suburb of Willoughby.
“The Ohio expansion is a statement of our commitment to the post-merger relationship with Hantz Group. We strongly believe in the one-stop business model and quality of services our partnership provides members and clients,” said Moody.
Michael Bell, attorney and counselor Royal-Oak, Mich.-based Howard & Howard, who has pioneered these transactions and has been involved in a great majority of CU/bank deals, is representing Credit Union One.