Zeal Credit Union of Livonia, Michigan, and The Miners State Bank of Iron River, Michigan—along with the bank’s holding company, MSB Bankshares, Inc.—said they have signed a definitive agreement under which Zeal will purchase substantially all of Miners State Bank’s assets and assume substantially all of its liabilities in an all-cash deal.
The parties said the transaction remains subject to regulatory approvals and approval by MSB stockholders, though both institutions’ boards have already approved the proposed deal. The companies expect the acquisition to close by the end of the fourth quarter of 2026.
After the sale is completed, The Miners State Bank is expected to liquidate and distribute its remaining assets to stockholders, the companies said.
Zeal said the acquisition would expand its footprint in Michigan’s Upper Peninsula and push the combined organization to more than $1.1 billion in assets, with a total branch network of 22 locations. Zeal also indicated it expects to retain the vast majority of Miners State Bank employees and keep all branches open, while increasing investment in the local communities currently served by the bank.
Zeal President and CEO Julie Kreinbring framed the deal as a way to broaden financial access for members and to bring Miners State Bank’s customers and staff into the credit union’s growing network. Miners State Bank Chairman and CEO Paul Hinkson said the two organizations aligned closely during the process, pointing to shared priorities around customer service and employee well-being.
The transaction pairs Zeal, a mission-driven, not-for-profit credit union with approximately $1 billion in assets and 17 full-service branches across Metro Detroit and Michigan’s Western Upper Peninsula, with a community-focused bank that traces its roots back to 1932. Miners State Bank reported approximately $144 million in assets and said it operates across multiple Upper Peninsula communities through five dedicated branch locations.
Advisers on the deal include Luse Gorman, PC as legal counsel and Donnelly Penman & Partners as financial adviser to Zeal, while Honigman LLP is serving as legal counsel and Wipfli LLP as financial adviser to MSB Bankshares and The Miners State Bank.
The parties also cautioned that the announcement includes forward-looking statements and noted that a range of factors could cause actual outcomes to differ, including potential delays in completing the transaction and related liquidation and dissolution steps, as well as legislative and regulatory changes that could affect the businesses.
KEY QUOTES
“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 Miners State is a well-managed, community-oriented bank and we look forward to welcoming their customers and employees into the expanding Zeal family.”
Julie Kreinbring, President & CEO, Zeal Credit Union
“We are very proud of our new association with Zeal Credit Union and look forward to the success that this partnership will bring. During the process, it became clearly evident that we share the same core values regarding customer service, customer care, and employee well-being. We are excited by what the future holds in store.”
Paul Hinkson, Chairman & CEO, The Miners State Bank
