Charter Capital Partners and Olejniczak Advisors 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. 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.
Charter principals served as exclusive M&A advisors to Superior National Bank and Trust, with support from financial services industry strategic consultant Olejniczak Advisors.
By combining their resources, Upper Peninsula-based Superior National Bank and Southeast Michigan-based Main Street Bank are able to provide customers with 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 current headquarters in Hancock, Michigan.
“We are thrilled to have guided Superior National Bank through a successful closing while ensuring that both organizations were able to achieve their goals,” said John Kerschen, President and Managing Partner, 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.” Read More at PR Newswire