Michigan State University Federal Credit Union to Acquire Algonquin State Bank
August 31, 2023
Michigan State University Federal Credit Union (MSUFCU) has entered into a definitive purchase and assumption agreement to acquire substantially all assets and assume substantially all liabilities of Algonquin State Bank. The deal is expected to close in the late first quarter of 2024, subject to regulatory approvals and customary closing conditions, including approval by Algonquin’s parent shareholders.
- Buyers
- Michigan State University Federal Credit Union
- Targets
- Algonquin State Bank
- Sellers
- First Algonquin Company
- Industry
- Financial Services
- Location
- Illinois, United States
- Transaction Type
- Buyout
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