Zeal Credit Union (“Zeal”) has announced a definitive agreement to purchase substantially all of the assets and liabilities of Gogebic Range Bank, based in Ironwood, MI, in an all-cash transaction. The agreement, which is contingent on regulatory and stockholder approvals, has been approved by the boards of both institutions. The transaction is expected to close by the end of the third quarter of 2025.
Upon completion of the acquisition, Zeal Credit Union will have approximately $975 million in assets and expand its presence with a total of 16 branches across Michigan, including a significant footprint in the Upper Peninsula. The deal also includes retaining the majority of Gogebic Range Bank’s employees and branches, ensuring continued service for the communities in which they operate. Additionally, Zeal will invest in the local areas served by Gogebic Range Bank to further strengthen its community engagement.
Julie Kreinbring, President & CEO of Zeal, expressed enthusiasm about the partnership, stating, “We are excited to partner with Gogebic Range Bank and enhance access to our member benefits in the Upper Peninsula of Michigan and surrounding regions. Gogebic is a well-managed bank, and we look forward to welcoming their customers and employees into the Zeal family. Gogebic’s customers will gain full access to our wide array of products and services, and our members will benefit from expanded locations in this region.”
Neil Beckman, President & CEO of Gogebic Range Bank, commented, “After thorough consideration, we believe that partnering with Zeal Credit Union is the best path forward for our employees, customers, shareholders, and communities. Both organizations share a commitment to exceptional customer service, high-value products, and strong community support.”
The transaction is supported by key advisors, including Luse Gorman, PC, serving as legal counsel, and Doeren Mayhew Advisors, LLC, acting as financial advisor to Zeal Credit Union. Varnum LLP is providing legal counsel, and Bancorp I, Inc. is the financial advisor to West End Financial Corp. and Gogebic Range Bank. Donnelly Penman & Partners, Inc. has provided a fairness opinion to West End Financial Corp. and Gogebic Range Bank.
This acquisition marks a significant step for Zeal Credit Union, solidifying its position as a key financial player in Michigan and expanding its services to new communities in the Upper Peninsula.
