Credit Union ONE Announces Approval to Acquire Hantz Bank

  • May 30, 2019

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Credit Union ONE has received approval from the Michigan Department of Insurance and Financial Services and the National Credit Union Administration to acquire and merge Hantz Bank. Credit Union ONE and Hantz Bank have set June 1, 2019, as the effective date for completion of this transaction. Following the closing, the combined entity will have approximately 130,000 members, $1.5 billion in assets, and 27 branch locations in Michigan and Ohio.
“Regulatory approval is a major milestone in a journey that started over a year ago when we agreed to combine and leverage our strengths.  We are excited to move on to the next steps of onboarding employees and members, and integrating technology systems.” said Gary Moody, President and CEO of Credit Union ONE. “This merger presents tremendous opportunities to create value for our members and community by offering a greater range of services, especially to small businesses, expanding our market presence, and deepening our strategic partnership with Hantz Group,” said Moody.     
Credit Union ONE has a long relationship with Hantz Group, a provider of a comprehensive range of financial planning, tax, insurance and investment services.  Hantz Group will continue to provide its services to the members of Credit Union ONE, and the clients of Hantz Group will have their consumer and commercial banking needs met by Credit Union ONE. 
John Hantz, Chairman of Hantz Bank, stated,We are excited about the merger with Credit Union ONE and believe our clients will now have an experience that is truly unique in the banking industry. At Hantz Group, we have always prided ourselves in our ability to develop products that are tailored to our clients’ needs. This merger will allow us to drive product innovation as we continue to help our clients achieve their financial goals.

Credit Union ONE has also gained approval from Michigan and Ohio regulators to expand its membership base outside of Michigan to include six counties in Ohio. The credit union will operate a branch inside of a Hantz Group office in the Cleveland suburb of Willoughby. “The Ohio expansion is a statement of our commitment to the post-merger relationship with Hantz Group.  We strongly believe in the one-stop business model and quality of services our partnership provides members and clients,” said Moody. 
A technology and system conversion will occur in early 2020 to integrate Hantz customer accounts with Credit Union ONE. At the same time the credit union will release a new digital services platform across the enterprise. Moody added, “We will welcome new members from the bank with an incredible service experience regardless of delivery channel. Aligning the system conversion and digital platform launch allows us to introduce this group of new members to the very best of what we can deliver, which is a personalized, completely integrated, and truly full service relationship wherever and whenever it pleases the member.”
Credit Union ONE was represented by Howard & Howard, PLLC, as legal counsel, and was advised by McQueen Financial Advisors in connection with the transaction. Hantz Bank was represented by Reinhart, Boerner, and Van Deuren, as legal counsel.
About Credit Union ONE: Credit Union ONE was organized in 1938 and is headquartered in Ferndale, Michigan.  The credit union is approximately $1.3 billion in assets and provides its members with consumer and mortgage banking services via digital platforms and 25 branches located in Southeast Michigan, Grand Rapids, and Traverse City.  Credit Union ONE  participates in the CO-OP Network, providing members access to 30,000 surcharge-fee ATMs and 5,600 branches across the Unites States.
About Hantz Bank: Headquartered in Southfield, Michigan. The bank is approximately $230 million in assets, operates six branches, and provides its clients with a full range of consumer and commercial banking services.  
About Hantz Group: Hantz Group is a financial services firm headquartered in Southfield, Michigan with locations throughout Michigan and Ohio. The firm serves both the individual household and business marketplace. Hantz Group provides a comprehensive range of financial services from financial planning, to home and auto insurance, life and disability insurance, tax planning, debt strategies, estate planning and investments. The firm’s strategy is based upon intellectual leverage: no one person can cover all the complexities of a financial situation, but a well-resourced team can.