Algonquin State Bank to be acquired by Michigan State University Federal Credit Union

Algonquin State Bank will merge and be renamed Michigan State University Federal Credit Union by early spring.

The Michigan-based credit union entered a unanimous agreement to purchase Algonquin State Bank and its parent company, First Algonquin Company.

MSU Federal Credit Union will purchase all assets and assume all liabilities of Algonquin State Bank, according to a news release from the two institutions. Under the merger, MSU Federal Credit Union will have about $8.3 billion in assets, $6.3 billion in loans and $6.8 billion in shares and deposits.

“Algonquin State Bank customers who become members of MSUFCU will have full access to all MSUFCU’s expansive product and service offerings,” according to the release.

The merger must be approved by regulators and shareholders, Algonquin State Bank Senior Vice President Jeff Kroeger said. Customers won’t have to do anything about the merger.

“The only thing you’re really going to see is the name change,” Kroeger said. “The same experienced local bankers are going to be here.”

MSU Federal Credit Union also purchased McHenry Savings Bank earlier this year. The credit union will have 10 locations in Illinois.

“This partnership with Algonquin State Bank and its customers will further expand our presence in McHenry County and surrounding Chicagoland areas,” MSU Federal Credit Union President and CEO April Clobes said in the release.

Algonquin State Bank has served the area for more than 120 years and has branches in Algonquin at 2400 Huntington Drive N. and at 800 E. Algonquin Road.

“After proudly serving the banking needs of Algonquin and surrounding communities since 1902 (since 1974 by the current ownership group), we are happy to find a partner in MSUFCU that shares our values and dedication to its customers, employees, and the communities it serves,” Algonquin State Bank Chairman Dan Morrissey said in the release.