Keweenaw Financial and Range Financial announced they have entered into a definitive merger agreement to combine Superior National Bank and Range Bank.
Keweenaw Financial is based in Hancock, Michigan and is the holding company of Superior National Bank, which has approximately $1.05 billion in assets. Founded in 1890, Superior National Bank is the largest community bank headquartered in Michigan’s Upper Peninsula, with about 200 employees across its headquarters and 10 locations serving customers across the Upper Peninsula and Southeast Michigan.
Range Financial is based in Marquette, Michigan and is the holding company of Range Bank, which has approximately $635 million in assets. Founded in 1887, Range Bank is the third-largest community bank headquartered in the Upper Peninsula, with 110 employees across its headquarters and eight locations serving customers in the Upper Peninsula and Green Bay, Wisconsin.
The all-stock transaction is subject to customary closing conditions, including approval by Range Financial shareholders, regulatory approvals, and a determination from the Michigan Department of Licensing and Affairs that the terms and conditions of the merger are fair.
The merger is expected to close in the fourth quarter of 2026. The subsequent merger of the banks and core systems conversion are expected to occur in spring 2027.
The combined bank will be headquartered in Hancock and maintain executive offices in Marquette. It will have more than $1.68 billion in total assets and approximately $1.43 billion in total deposits. The boards of directors of the combined organization will include seven directors from Superior National Bank and five directors from Range Bank. The companies intend to operate the combined bank under the name Superior Range Bank, N.A.
Mike Hauswirth, president and CEO of Superior National Bank, will serve as CEO of the combined bank. Jamey Markham, Range Bank’s chief lending officer and community bank president of Copper Country, will serve as president of the combined bank. Roxanne Daust, chair, president and CEO of Range Bank, will remain with Range Bank through the merger of the two banks. Daust had previously announced plans to retire at the end of 2026.
The companies said the merger brings together two community banks with similar histories, cultures, and long-standing roots in the markets they serve. The combined bank is expected to offer expanded products and services, larger commercial loan limits, and more convenient locations for customers.
The transaction is also expected to provide increased scale to help manage rising regulatory, technology, and cybersecurity costs while supporting employees, shareholders, and the communities served by both banks.
Piper Sandler served as financial advisor and Warner Norcross + Judd served as legal advisor to Keweenaw Financial. Piper Sandler also delivered a fairness opinion to the Keweenaw Financial board of directors.
Performance Trust Capital Partners served as financial advisor to Range Financial and delivered a fairness opinion to the Range Financial board of directors. Hunton Andrews Kurth served as legal advisor to Range Financial.
KEY QUOTES:
“We have tremendous respect for the team at Range Bank and see in them a like-minded community bank that shares our values and approach to doing business. We’re particularly excited to expand into Marquette County, Dickinson County and Green Bay by building on the trusted brand Range Bank has established in these markets.”
“Merging two great financial institutions will give us added strength and ability to grow, allowing us to leverage the expertise inherent in each organization to benefit our customers, employees and shareholders.”
Mike Hauswirth, President and CEO of Superior National Bank
“Joining forces with Superior National Bank will provide tremendous benefits to Range Bank customers, employees and shareholders. Individually, we have lengthy track records of solid commitment to the communities we serve. Together, we will be stronger and better positioned for the future, which will be a good thing for all our stakeholders in the Upper Peninsula, Northeast Wisconsin and Southeast Michigan.”
“Our shared commitment to provide exceptional customer service will serve as the foundation for the combined bank. We will continue to invest in our employees and support the nonprofit and community organizations we have supported for generations.”
Roxanne Daust, Chair, President and CEO of Range Bank
