Keweenaw Financial Corporation (OTCPK:KEFI) entered into a definitive agreement to acquire North Star Financial Holdings, Inc. for $42 million on September 18, 2019. Under the transaction, the banks of Superior National Bank & Trust Co. and Main Street Bank (Bingham Farms, MI) will be combined and the combined bank will become Superior National Bank and Trust Co. while Main Street Bank will operate as a separate bank for a time until the integration is complete. Superior National's local Board of Directors will guide and govern the joint entity. The combined organization's headquarters will remain in Hancock, Michigan. The transaction is subject to the receipt of regulatory approvals, shareholder approvals and approval by the Board of Directors of Superior National Bank and North Star. The Board of Directors of Superior National Bank and Main Street Bank have both approved the transaction. As of December 20, 2019, the transaction has been approved by The Federal Reserve. The transaction is expected to close in the first quarter of 2020. J Hecht Consulting Llc acted as the due diligence provider, The Charter Group, Ltd. and Olejnicczak Advisors as financial advisors and Warner Norcross & Judd LLP as the legal advisor to Superior National Bank. ProBank Austin acted as a fairness opinion provider as part of the transaction. McQueen Financial Advisors, Inc. acted as the financial advisor and Kus, Ryan & Associates, Pllc and Seyburn Kahn, P.C. acted as the legal advisors to Main Street Bank.