Zeal Credit Union has agreed to acquire The Miners State Bank
THE TRANSACTION
On January 8, 2026, Zeal Credit Union (“Zeal”) headquartered in Livonia, MI, and The Miners State Bank headquartered in Iron River, MI alongside its bank holding company, MSB Bankshares, Inc., jointly announced that they have entered into a definitive agreement whereby Zeal Credit Union will purchase substantially all of the assets and liabilities of The Miners State Bank in an all-cash transaction. The transaction, which is contingent on obtaining regulatory and MSB stockholder approvals, has been approved by both institutions' Board of Directors and is expected to close in the fourth quarter of 2026.
Following the completion of the transaction, The Miners State Bank will liquidate and distribute their remaining assets to its stockholders. When the purchase is complete, Zeal will have greater than $1.1 billion in assets, with 22 banking offices across the State of Michigan.
Donnelly Penman & Partners acted as financial advisor to Zeal Credit Union, and the law firm of Luse Gorman, PC acted as its legal counsel.
Our Client
Zeal Credit Union
Zeal Credit Union was founded in 1954 and is headquartered in Livonia, MI. They are a member-owned, not-for-profit financial institution. As of January 1st, 2026, Zeal had approximately $1 billion in assets and 17 full-service branches throughout the Metro-Detroit and Western Upper Peninsula communities of Michigan. As a Community Development Financial Institution (CDFI), Zeal emphasizes being mission-driven to the community they serve.
Transaction Partner
The Miners State Bank
The Miners State Bank was founded in 1932 and is headquartered in Iron River, MI. As of September 30th, 2025, The Miners State Bank had approximately $144 million in assets with 5 dedicated branch locations across multiple of Michigan's Upper Peninsula communities.
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