Keweenaw Financial Corp (Superior National Bank) Acquires North Star Financial Holdings and Main Street Bank

February 20, 2020

Keweenaw Financial Corp., parent of Superior National Bank and Trust, completed the acquisition of North Star Financial Holdings, Inc. and its subsidiary Main Street Bank on February 4, 2020, in an all-cash transaction in which North Star shareholders received $42 million. The deal expands Superior National's geographic footprint into Southeast Michigan, increases overall assets and lending capacity, and broadens product offerings including mortgage capabilities.

Buyers
Keweenaw Financial Corp., Superior National Bank and Trust
Targets
North Star Financial Holdings, Inc., Main Street Bank
Sellers
North Star Financial Holdings, Inc. shareholders
Location
Michigan, United States
Transaction Type
Buyout

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