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Citizens Community Federal completes sale of branch to Lake Michigan CU

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Citizens Community Federal completes sale of branch to Lake Michigan CU

Altoona, Wis.-based Citizens Community Federal NA on May 17 completed the sale of its branch at 310 West Tienken Road in Rochester Hills, Mich., to Byron Center, Mich.-based Lake Michigan CU.

Citizens Community sold the branch and its related liabilities, including roughly $34.1 million in deposits and approximately $300,000 in fixed assets. Lake Michigan CU paid a 7% deposit premium to the bank and the latter expects to record a net gain of about $2.3 million from the sale.

All loans associated with the branch will remain with the Citizens Community Bancorp Inc. unit.