Credit Union ONE Announces Approval to Acquire Hantz Bank
Subject to Regulatory Approval
Credit Union ONE has received approval from the Michigan Department of Insurance and Financial Services and the National Credit Union Administration to acquire and merge Hantz Bank. Credit Union ONE and Hantz Bank have set June 1, 2019, as the effective date for completion of this transaction. 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.
Credit Union ONE has a long relationship with Hantz Group, a provider of a comprehensive range of financial planning, tax, insurance and investment services. Hantz Group will continue to provide its services to the members of Credit Union ONE, and the clients of Hantz Group will have their consumer and commercial banking needs met by Credit Union ONE.
Credit Union ONE was represented by Howard & Howard, PLLC, as legal counsel, and was advised by McQueen Financial Advisors in connection with the transaction. Hantz Bank was represented by Reinhart, Boerner, and Van Deuren, as legal counsel.
Statement from Credit Union ONE President & CEO:
“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,” said Moody.
Statement from Hantz Bank Chairman
John Hantz, Chairman of Hantz Bank, stated, “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. 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.”
About Credit Union ONE:
Credit Union ONE was organized in 1938 and is headquartered in Ferndale, Michigan. The credit union is approximately $1.3 billion in assets and provides its members with consumer and mortgage banking services via digital platforms and 25 branches located in Southeast Michigan, Grand Rapids, and Traverse City. Credit Union ONE participates in the CO-OP Network, providing members access to 30,000 surcharge-fee ATMs and 5,600 branches across the Unites States.
About Hantz Bank:
Headquartered in Southfield, Michigan. The bank is approximately $230 million in assets, operates six branches, and provides its clients with a full range of consumer and commercial banking services.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation