Eight days into 2026, the credit union–bank acquisition trend has already resumed, underscoring a consolidation pattern that has reshaped parts of the financial services industry in recent years.

Zeal Credit Union of Livonia, Michigan, and The Miners State Bank of Iron River announced on Thursday that they have entered into a definitive agreement under which Zeal will acquire substantially all of the bank’s assets and liabilities in an all-cash transaction.

The purchase price was not disclosed.

The deal, which also involves the bank’s holding company, MSB Bankshares, Inc., is subject to regulatory and shareholder approvals and is expected to close by the end of the fourth quarter of 2026.

The agreement has been approved by the boards of both institutions. Following the closing, The Miners State Bank will liquidate and distribute its remaining assets to shareholders.

Founded in 1932, The Miners State Bank operates five branches across Michigan’s Upper Peninsula and holds approximately $144 million in assets. Zeal Credit Union, by contrast, has 65,510 members and $864 million in assets. Once the transaction is completed, Zeal is expected to surpass $1.1 billion in assets and operate 22 branches statewide, significantly expanding its footprint in the Upper Peninsula.

Julie Kreinbring, Zeal’s president and chief executive, said the acquisition would improve access to financial services in the region. “We are excited for the opportunity to partner with Miners State Bank and improve financial access to the benefit of our members in and around Michigan’s Upper Peninsula,” she said, calling Miners State “a well-managed, community-oriented bank.”

Paul Hinkson, chairman and chief executive of The Miners State Bank, said the two institutions discovered shared priorities during negotiations. “It became clearly evident that we share the same core values regarding customer service, customer care and employee well-being,” he said.

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Zeal has said it expects to retain most employees and all branches, while continuing to invest in the communities served by the bank.

The deal reflects a broader national pattern. Sixteen credit union–bank acquisitions were announced in 2025, according to S&P Global Market Intelligence, slightly below the record 22 announced in 2024 but still historically high. Credit unions have increasingly turned to bank acquisitions as a way to gain market share, diversify lending portfolios and add deposits.

Glenn Christensen, president and chief executive of CEO Advisory Group, said concerns about consumer harm are often misplaced. “The loan composition of the banks getting acquired… have virtually no consumer loans,” he said, adding that communities may benefit from higher lending capacity and more robust technology platforms.

Not everyone agrees. The Independent Community Bankers of America has criticized such deals, arguing that some large credit unions have moved beyond their original mandate and calling on Congress to reconsider tax exemptions for credit unions with more than $1 billion in assets.

Michigan has been an active market for these transactions. In late December, Traverse City–based 4Front Credit Union announced plans to acquire Horizon Bank’s Charlevoix branch. Zeal itself completed the acquisition of Gogebic Range Bank of Ironwood on Jan. 1, after regulatory approval late last year.

Attorney Jeff Cardone of Luse Gorman, who advised Zeal, told Tyfone the momentum is likely to continue. “Our 2026 deal pipeline is strong,” he said, “and expect historical trends to continue with respect to credit unions partnering with community banks.”

“It became clearly evident that we share the same core values regarding customer service, customer care and employee well-being.”

– Paul Hinkson
Chairman & Chief Executive
The Miners State Bank