Michigan’s Zeal Credit Union to buy another UP bank

Zeal Credit Union Acquires The Miners State Bank: A Boost in Michigan

Livonia, Michigan-based Zeal Credit Union has announced its acquisition of The Miners State Bank, a move that will significantly enhance its presence in Michigan’s Upper Peninsula. The transaction, expected to be finalized in the fourth quarter of this year, will result in the creation of an institution with 22 branches and approximately $1.1 billion in assets, as stated in a press release by Zeal.

Record Acquisition in 2026

This acquisition marks the first announced bank acquisition by a credit union in 2026. The trend of credit unions acquiring banks has been a point of contention, with groups like the Independent Community Bankers of America raising concerns about the impact of these deals on local communities. According to Banking Dive, there were a record 22 announced transactions in 2024, which decreased to 16 in the following year.

Zeal had previously contributed to the record number of acquisitions in 2024 by acquiring Gogebic Range Bank. The recent approval of this acquisition has led to the integration of Gogebic customers into Zeal, further solidifying the credit union’s presence in the Upper Peninsula.

Strategic Growth and Community Focus

By acquiring The Miners State Bank, Zeal will add five branches and approximately $144 million in assets to its portfolio. The credit union has expressed its commitment to retaining existing employees and branches while investing in the local communities served by the bank.

Julie Kreinbring, CEO of Zeal, emphasized the importance of the partnership, stating, “We are excited for the opportunity to partner with The Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula.” The CEO of Miners State Bank, Paul Hinkson, echoed this sentiment, expressing his pride in the new association and the shared values between the two institutions.

Future Prospects and Industry Outlook

Michael Bell, a partner at law firm Honigman, anticipates a busy year for credit union-bank transactions in 2026. He highlighted the ongoing conversations and transactions in the pipeline, indicating a potentially robust year ahead. Despite criticism from industry groups like the ICBA, Bell defended the acquisitions, questioning the notion that size equates to negative implications.

As the industry gears up for another active year, stakeholders continue to monitor the evolving landscape of financial institutions and the impact of mergers and acquisitions on local communities.

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