Michigan State University Federal Credit Union Acquires Gold Coast Bank
East Lansing, Michigan - July 21, 2026 - Michigan State University Federal Credit Union has completed its acquisition of Gold Coast Bank, closing another chapter in the steady expansion of credit unions into traditional community banking territory.
The East Lansing, Mich.-based institution said this week that it finalized the purchase and assumption of Gold Coast Bank’s assets and liabilities effective May 1. Gold Coast Bank, based in Chicago, held roughly $464 million in assets at the time of the deal.
The acquisition adds to MSUFCU’s growing presence in Illinois, a market that has become one of the country’s busiest for credit union-bank transactions in recent years. The credit union now expects to operate 39 branches, including 12 in the Chicago area, once additional Illinois acquisitions are completed.
MSUFCU, which has nearly 400,000 members and $8.5 billion in assets, has been expanding aggressively beyond Michigan. The credit union announced plans in 2025 to acquire both Gold Coast Bank and American Eagle Bank after previously purchasing two Illinois community banks in 2023.
The strategy comes as competition intensifies among financial institutions seeking scale and geographic reach in metropolitan markets. According to S&P Global Market Intelligence, Illinois has emerged as one of the nation’s leading states for bank acquisitions by credit unions, with 17 deals announced since 2015 and four transactions announced in 2025 alone.
For MSUFCU, the Gold Coast transaction extends a broader effort to establish a durable footprint in the Midwest’s largest urban markets. “MSUFCU shares your values of exceptional service, strong financial products, and financial empowerment,” April Clobes, the credit union’s president and chief executive, said in a statement directed to Gold Coast customers. “This acquisition allows us to better support our existing members in the area while warmly welcoming the individuals and businesses served by Gold Coast Bank.”
About MSU FCU
MSUFCU was established in 1937 to provide a safe place where members could borrow and save money. Over the years, we've built a strong foundation of relationships with our members - ultimately helping them achieve their dreams. Our employees live our mission every day to spark those moments for members to find financial freedom and security, as they purchase their first cars and homes, start their own businesses, and save for their children's futures.
About Gold Coast Bank
Gold Coast Bank operates as a community bank, providing personal and business banking services. It offers deposit accounts and lending options to support financial growth, along with mobile and online banking platforms for account access and self-service. It serves small to large businesses. The company was founded in 2007 and is based in Chicago, Illinois.
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
Andre Gard, FMVA
Vice President