Edition:
United Kingdom

Ccfbank Agrees To Sell Michigan Branch To Lake Michigan Credit Union


Monday, 3 Dec 2018 

Dec 3 (Reuters) - Citizens Community Bancorp Inc ::CCFBANK™ AGREES TO SELL MICHIGAN BRANCH TO LAKE MICHIGAN CREDIT UNION.CCF BANK - PURCHASE AND ASSUMPTION AGREEMENT INCLUDES APPROXIMATELY $35 MILLION IN DEPOSITS AND ABOUT $300,000 IN FIXED ASSETS.CCF BANK - IT HAS ENTERED INTO PURCHASE AND ASSUMPTION AGREEMENT TO SELL ITS ROCHESTER HILLS, MICHIGAN BRANCH AND RELATED LIABILITIES.CCF BANK - LMCU HAS AGREED TO PAY A 7% DEPOSIT PREMIUM, OR ABOUT $2.45 MILLION.CCF BANK - ALL LOANS ASSOCIATED WITH THIS BRANCH WILL REMAIN WITH CCF BANK.CCF BANK - IN THE SHORT TERM, CO PLAN TO USE FHLB BORROWINGS TO FUND THE SALE OF THE DEPOSITS. 

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