Brief: Ccfbank Agrees To Sell Michigan Branch To Lake Michigan Credit Union

Citizens Community Bancorp

03/12/2018 13:42

Dec 3 (Reuters) - Citizens Community Bancorp Inc  CZWI.O :
    * CCFBANK™ AGREES TO SELL MICHIGAN BRANCH TO LAKE MICHIGAN
CREDIT
UNION
    * CCF BANK - PURCHASE AND ASSUMPTION AGREEMENT INCLUDES
APPROXIMATELY $35 MILLION IN DEPOSITS AND ABOUT $300,000 IN
FIXED ASSETS
    * CCF BANK -  IT HAS ENTERED INTO PURCHASE AND ASSUMPTION
AGREEMENT TO SELL ITS ROCHESTER HILLS, MICHIGAN BRANCH AND
RELATED LIABILITIES
    * CCF BANK - LMCU HAS AGREED TO PAY A 7% DEPOSIT PREMIUM, OR
ABOUT
$2.45 MILLION
    * CCF BANK - ALL LOANS ASSOCIATED WITH THIS BRANCH WILL
REMAIN
WITH CCF BANK
    * CCF BANK - IN THE SHORT TERM, CO PLAN TO USE FHLB
BORROWINGS TO
FUND THE SALE OF THE DEPOSITS

Source text for Eikon:  ID:nGNX14Vg4g 
Further company coverage:  CZWI.O 

 ((Reuters.Briefs@thomsonreuters.com;))