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Michigan State University Federal Credit Union Announces Agreement To Acquire Algonquin State Bank

Sep 01, 2023•over 2 years ago

Acquiring Company

Michigan State University Federal Credit Union

Acquired Company

First Algonquin Company and Algonquin State Bank

BankingLendingFinanceFinancial Services

Description

Michigan State University Federal Credit Union (MSUFCU) has entered into a definitive purchase and assumption agreement with Algonquin, IL based Algonquin State Bank and its parent holding company, First Algonquin Company. Pursuant to the definitive agreement, MSUFCU will purchase substantially all assets and assume substantially all liabilities of Algonquin State Bank. The transaction is MSUFCU’s second announced Illinois bank purchase in 2023.

Company Information

Company

Michigan State University Federal Credit Union

About

Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 12 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., and has 23 branches, and an additional seven in construction, over 350,000 members, $7.61 billion in assets, and more than 1,200 employees. For more information, visit msufcu.org.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed