LIVONIA, Mich.—Zeal Credit Union has agreed to acquire substantially all of the assets and liabilities of The Miners State Bank and its holding company, MSB Bankshares, Inc., in an all-cash transaction, the institutions announced.
It is the first CU purchase of a bank in 2026.
Financial terms were not disclosed.
The deal, which has been approved by both boards, is subject to regulatory and shareholder approvals and is expected to close by the end of the fourth quarter of 2026. Following the closing, The Miners State Bank will liquidate and distribute any remaining assets to shareholders, Tyfone reported.
Founded in 1932, The Miners State Bank operates five branches across Michigan’s Upper Peninsula and holds about $144 million in assets. Livonia-based Zeal Credit Union serves 65,510 members and has roughly $864 million in assets. Upon completion, Zeal is expected to exceed $1.1 billion in assets and operate 22 branches statewide, significantly expanding its presence in the Upper Peninsula, Tyfone noted.
Zeal said the transaction is intended to broaden access to financial services in the region while preserving local banking relationships. The credit union also said it plans to retain most employees and keep all existing branches open, with continued investment in the communities the bank serves. Miners State Bank leadership said the agreement reflects aligned priorities around customer service, community focus, and employee well-being.
"While a small slice of bank M&A pie, we are expecting to see CU and community bank transactions to continue at historical levels in 2026," said attorney Jeff Cardone, of Luse Gorman, which is representing Zeal in the deal.