Algonquin State Bank and its parent holding company, First Algonquin Company, has entered into a definitive purchase and assumption agreement with Michigan State University Federal Credit Union (MSUFCU). Pursuant to the definitive agreement, MSUFCU will purchase substantially all assets and assume substantially all liabilities of Algonquin State Bank.
Olsen Palmer LLC served as financial advisor to First Algonquin Co.
The transaction has been unanimously approved by the boards of directors of both institutions. When the transaction is finalized, the combined institution will have approximately $8.3 billion in assets, $6.3 billion in loans, $6.8 billion in shares and deposits and will have 35 branches.