Algonquin State Bank and its parent holding company, First Algonquin Company, announced that it has been acquired by Michigan State University Federal Credit Union (MSUFCU). Pursuant to the definitive agreement, MSUFCU purchased substantially all assets and assumed substantially all liabilities of Algonquin State Bank.
Olsen Palmer LLC served as financial advisor to First Algonquin Company.
With the transaction finalized, the combined institution has approximately $8.0 billion in assets. Vedder Price P.C. acted as legal advisor to Algonquin State Bank in connection with the transaction.