Charter Capital Partners in Grand Rapids and Olejniczak Advisors in Grosse Pointe Farms today announced the successful closing of the acquisition of North Star Financial Holdings Inc. and its subsidiary Main Street Bank by Keweenaw Financial Corp., the parent company of Superior National Bank and Trust in Hancock (near Houghton).
The definitive agreement was announced on September 18, 2019, and the transaction closed on February 4, 2020. North Star Financial Holdings, Inc. shareholders received $42 million in cash for consideration.
By combining resources, Superior National Bank and Southeast Michigan-based Main Street Bank, with locations in Bingham Farms, Clinton Township, Northville, Rochester, and Troy (2), will offer an enhanced banking experience, greater mortgage options, augmented financial services, and a larger lending capacity.
The combined organization boasts more than $800 million in assets, encompassing 11 bank branches and four loan origination offices. Superior National Bank’s board of directors will guide and govern the combined organization from the bank’s headquarters in Hancock.
“This acquisition brings two strong banking teams together, enabling us to better serve customers in an expanded geography with a larger suite of banking products,” says Dave Vlahos, president and CEO of Superior National Bank. “The long-term impact is smart, measured growth for the organization, structured by a foundational focus on exceeding customer expectations.”
Charter principals served as exclusive M&A advisors to Superior National Bank and Trust, with support from financial services industry strategic consultant Olejniczak Advisors.
“We are excited about the new opportunities we can offer to our customers, our staff, and the local communities we serve,” says Jeff Kopelman, president and CEO of Main Street Bank. “Our goal, as always, is to deliver premier levels of service as we strive to provide our customers with the ultimate relationship-based banking experience.”
Superior National Bank and Trust was also advised by John Hecht Consulting and the law firm of Warner Norcross and Judd. ProBank Austin issued a fairness opinion as part of the transaction. Main Street Bank was advised by McQueen Financial Advisors and the law firms of Kus Ryan and Associates and Seyburn Kahn.
“We are thrilled to have guided Superior National Bank through a successful closing while ensuring that both organizations were able to achieve their goals,” says John Kerschen, president and managing partner of Charter Capital Partners. “This a great outcome for all parties involved, including Superior National Bank, Main Street Bank, and all of their customers throughout Michigan.”