Advia CU agrees to acquire Mid America Bank
KALAMAZOO, Mich. (3/14/16)--Advia CU, Kalamazoo, Mich., has entered into an agreement to acquire Janesville, Wis.-based Mid America Bank.
In addition to its Janesville location, Mid America has branches in Williams Bay, Madison and Waukesha.
The intended acquisition further strengthens Advia’s position within its service area in Wisconsin, Michigan and Illinois.
Advia currently has 24 branches in Michigan, Illinois and Wisconsin, including four branches in the Janesville-Beloit area and North Central Illinois.
“Advia is financially strong and well positioned for continued growth in our multi-state regions and this acquisition will allow us to compete with even greater success in the financial services industry,” said Cheryl DeBoer, Advia CU president/CEO.
“As a member-owned, not-for-profit financial cooperative, we offer lower-cost financial products and services in all of our communities and give back to our member-owners in the form of better technology, innovative services and excellent deposit and loan rates,” DeBoer added. “We look forward to establishing new partnerships, new relationships and new members with the financial well-being of the south-central Wisconsin community in mind.”
Advia also participates in shared branching networks nationally and provides more than 30,000 surcharge-free ATM locations through CO-OP Network and select additional retail outlets in Michigan and Wisconsin.
The deal must be approved by both the state of Michigan Department of Insurance and Financial Services and the National Credit Union Administration. “At this time, we do anticipate to receive approval sometime within the second or third quarter of 2016,” Nancy Loftis, Advia CU vice president of marketing and public relations, told News Now.