Photo courtesy of Superior National Bank

HANCOCK — In a joint statement Wednesday, Keweenaw Financial Corp. and Range Financial Corp. today announced they have entered into a definitive merger agreement. In a move to enhance product offerings, customer convenience and shareholder value, Superior National Bank and Range Bank are merging.

Hancock-based Keweenaw Financial is the holding company of Superior National Bank, which has approximately $1.05 billion in assets. Founded in 1890, Superior National Bank is the largest community bank headquartered in the Upper Peninsula employing approximately 200 at its Hancock main branch and 10 locations serving customers across the U.P. and Southeast Michigan, according to the statement.

Based in Marquette, Range Financial is the holding company of Range Bank, which has approximately $635 million in assets. Founded in 1887, Range Bank is the third largest community bank headquartered in the U.P., with 110 employees working in its headquarters and eight locations serving customers in the U.P.,including three in the Copper Country as well as Green Bay, Wisconsin.

Roxanne Daust, chair, president and CEO of Range Bank, said the banks will merge together and be named Superior Range Bank.

“We currently have two separate banks, which we are going to merge to become one,” she said, “and we will all be Superior Range Bank.”

Daust said the bank mergers will occur in the spring of 2027, but the two corporations are expected to close and merge in the fourth quarter of 2026.

“Joining forces with Superior National Bank will provide tremendous benefits to Range Bank customers, employees and shareholders,” Daust said. “Individually, we have lengthy track records of solid commitment to the communities we serve. Together, we will be stronger and better positioned for the future, which will be a good thing for all our stakeholders in the Upper Peninsula, Northeast Wisconsin and Southeast Michigan.”

Mike Hauswirth, president and CEO of Superior National Bank, agreed, adding the merger will allow SNB to keep up with the latest technology.

“It will allow us to invest heavily in things like cyber security and fraud protection,” he said, “all the things that we do now, but with scale that makes it more affordable.”

Additionally, said Hauswirth, the merger will expand SNB’s geographic footprint.

“Obviously, we (the two banks) have some overlap in the market here,” he said,” but reaching out into Marquette County and Dickinson County, and even into the Green Bay area is really exciting for us as well.”

The combined bank will be headquartered in Hancock and maintain executive offices in Marquette. It will have total assets of more than $1.68 billion and total deposits of approximately $1.43 billion.

Hauswirth, will serve as CEO of the combined bank. Jamey Markham, Range Bank’s chief lending officer and community bank president of Copper Country, will serve as president of the combined bank. Daust, who currently serves as chair, president and CEO of Range Bank and had previously announced plans to retire at the end of 2026, will remain with Range Bank through the merger of the two banks.

The boards of directors of the combined organization will have seven directors from Superior National Bank and five from Range Bank. The parties intend to operate the combined bank under the name Superior Range Bank, N.A.

Leaders of both banks said their similar histories and cultures drew them together. They pointed to their strong roots in the communities they serve, each a respected brand with 135-plus years of community banking experience serving commercial, municipal and retail customers. This strategic combination is designed to enable the combined bank to offer more products and services, larger commercial loan limits and more convenient locations to customers. It will also provide increased scale to help manage increasing regulatory, technology and cybersecurity costs.

“We have tremendous respect for the team at Range Bank and see in them a like-minded community bank that shares our values and approach to doing business,” Hauswirth said.

Daust agreed. “I feel we’re combining the best of two banks to make a great bank,” she said. “Both of our banks are a very good cultural fit; both our banks are located in Upper Michigan.”