Livonia and Iron River, MI (January 9, 2026) |
Zeal Credit Union (“Zeal”) of Livonia, MI, and The Miners State Bank of Iron River, MI alongside its bank holding company, MSB Bankshares, Inc., jointly announced today that they have entered into a definitive agreement whereby Zeal Credit Union will purchase substantially all of the assets and liabilities of The Miners State Bank in an all-cash transaction.
While the agreement is contingent on obtaining regulatory and MSB stockholder approvals, the proposed transaction has been approved by both institutions' Board of Directors. The transaction is expected to close by the end of the fourth quarter of 2026. Following the completion of the transaction, The Miners State Bank will liquidate and distribute their remaining assets to its stockholders. When the purchase is complete, Zeal will have greater than $1.1 billion in assets and will have an expanded footprint in Michigan’s Upper Peninsula to better serve members with a total of 22 branches. At this time, Zeal is expected to keep predominately all the employees and all branches while investing in the local communities served by The Miners State Bank.
Julie Kreinbring, President & CEO of Zeal stated, “We are excited for the opportunity to partner with The Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula. The Miners State is a well-managed, community-oriented bank and we look forward to welcoming their customers and employees into the expanding Zeal family.”
Paul Hinkson, Chairman & CEO of The Miners State Bank commented, "We are very proud of our new association with Zeal Credit Union and look forward to the success that this partnership will bring. During the process, it became clearly evident that we share the same core values regarding customer service, customer care, and employee well-being. We are excited by what the future holds in store."
Luse Gorman, PC is serving as legal counsel and Donnelly Penman & Partners is serving as financial advisor to Zeal Credit Union. Honigman LLP is serving as legal counsel and Wipfli LLP is serving as financial advisor to MSB Bankshares, Inc. and The Miners State Bank.