After receiving approval from the Michigan Department of Insurance and Financial Services and the National Credit Union Administration, Ferndale, Mich.-based CU ONE was set to complete the acquisition of Southfield, Mich.-based Hantz Bank on June 1, the company said May 30.
Upon deal completion, the combined businesses will have $1.5 billion in assets.
CU ONE also received approval from Michigan and Ohio regulators to expand its membership base to include six Ohio counties and will operate a branch in a Hantz office in the Willoughby suburb of Cleveland.
Hantz's customer's accounts will be integrated with Credit Union ONE in early 2020 after a technology and system conversion.
Hantz has approximately $230 million in assets and six branches.
Howard & Howard PLLC acted as legal counsel and McQueen Financial Advisors served as the adviser for Credit Union ONE in connection with the transaction. Hantz Bank was represented by Reinhart Boerner and Van Deuren as legal counsel.