Gogebic Range Bank has agreed to be acquired by Zeal Credit Union
THE TRANSACTION
On December 30, 2024, Livonia, Michigan-based Zeal Credit Union (“ZCU”), and Ironwood, Michigan-based Gogebic Range Bank (“GRB”), a subsidiary of West End Financial Corp (“WEFC”) announced that ZCU will purchase all of the assets and liabilities of GRB.
Upon the completion of the transaction, GRB and WEFC will liquidate and distribute their remaining assets to their stockholders. The agreement is contingent on obtaining regulatory and West End Financial's stockholder approvals. The transaction is expected to close by the end of the third quarter of 2025.
Our Client
Gogebic Range Bank
GRB was founded in 2002 and is headquartered in Ironwood, Michigan, operating four branches serving the Western End of the Upper Peninsula of Michigan and Northeastern Wisconsin. As of September 30, 2024, GRB had $147mm in total assets, $58mm in loans, and $133mm in deposits. For more information on GRB, please visit www.gogebicrangebank.com.
Transaction Partner
Zeal Credit Union
ZCU was founded in 1954 and is headquartered in Livonia, Michigan, operating 12 branches throughout the Detroit, Michigan metro area. As of September 30, 2024, ZCU has $839mm in total assets, $663mm in loans, and $639mm in deposits. For more information on ZCU, please visit www.zealcu.org
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