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Honor CU/Citizens State Bank of Ontonagon deal terminated

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Honor CU/Citizens State Bank of Ontonagon deal terminated

Berrien Springs, Mich.-based Honor CU and Ontonagon, Mich.-based Citizens State Bank of Ontonagon have terminated their proposed merger, the Credit Union Times reported Jan. 31, citing a statement from the two institutions.

Honor CU's proposed acquisition of the bank was announced in May 2017.

As of the end of 2017, Honor CU had $852.6 million in assets, while Citizens State Bank of Ontonagon had assets of $52.4 million, SNL data shows.

SNL is owned by S&P Global Market Intelligence.