The holding companies of two centenarian banks based in Michigan’s Upper Peninsula will merge to form a $1.68 billion-asset institution, Keweenaw Financial Corp. and Range Financial Corp. announced Wednesday.
Keweenaw Financial Corp., which owns $1.05 billion-asset Superior National Bank, and Range Financial Corp., which owns $635 million-asset Range Bank, will combine under the name Superior Range Bank.
The merger is expected to close in the fourth quarter. The subsequent core systems conversion is expected in spring 2027.
Superior Range will be headquartered in Hancock, where Keweenaw Financial is based, and maintain executive offices in Marquette, which Range Financial calls home. The combined bank will have 18 locations across the peninsula and southeast Michigan, as well as in Green Bay, Wisconsin.
“We have tremendous respect for the team at Range Bank and see in them a like-minded community bank that shares our values and approach to doing business,” Superior National CEO Mike Hauswirth, who will serve as CEO of the combined bank, said in a prepared statement.
Range Bank’s chief lending officer, Jamey Markham, will serve as president of the combined bank. Range Bank CEO and President Roxanne Daust, who had announced plans to retire at the end of 2026, will remain with Range Bank through the merger, the companies said.
Financial terms of the deal were not disclosed in Wednesday’s release.
Bank leaders touted their similar histories, each born out of the late 1800s, and similar cultures. The merger will allow the combined bank to offer more products and services and larger commercial loan limits, and will provide increased scale to manage regulatory, technology and cybersecurity costs, the banks said.
“Merging two great financial institutions will give us added strength and ability to grow, allowing us to leverage the expertise inherent in each organization to benefit our customers, employees and shareholders,” Hauswirth said.
Wisconsin lender to buy neighboring bank
The Michigan deal is at least the second combination of Upper Midwest lenders in the past week.
Brookfield, Wisconsin-based North Shore Bank agreed June 18 to buy Greenfield, Wisconsin-based 1895 Bancorp of Wisconsin and its subsidiary, PyraMax Bank, for roughly $95 million.
The deal is expected to close in the fourth quarter.
“This is a natural fit between two organizations that believe in community banking at its core,” Jay McKenna, president and CEO of North Shore Bank, said in a prepared statement. “It allows us to continue growing in markets we know well while expanding into a few new communities, all while staying true to the personal service our customers value.”
North Shore counts $2.5 billion in assets and more than 40 branches, while PyraMax has $597.7 million in assets and six locations.
At closing, 1895 Bancorp shareholders will receive cash for their shares in the form of a special dividend from 1895 Bancorp, and a payment from North Shore Bank, which will be subject to adjustment based on factors including 1895 Bancorp’s tangible equity.
1895 Bancorp has 5.14 million shares outstanding, according to Yahoo Finance.
The bank estimates the transaction value will range between $18.40 to $18.66 per share, putting the deal between $94.6 million to $95.9 million.
“North Shore Bank shares our belief that banking should feel personal, local, and dependable,” PyraMax CEO and President David Ball said in a prepared statement.
“By coming together, we can offer our customers even more — a broader branch network with extended service hours seven days a week, improved digital banking, and more personalized solutions — while continuing to deliver the same level of care and attention they count on,” Ball said.
