News

 

June 2026 

Keweenaw Financial Corp. and Range Financial Corp. Announce Merger that Will Combine Superior National Bank and Range Bank 

Transaction Will Enhance Product Offerings, Customer Convenience and Shareholder Value 

Hancock and Marquette, Michigan, June 24, 2026 — In a move designed to enhance product offerings, customer convenience and shareholder value, Keweenaw Financial Corp. and Range Financial Corp. today announced they have entered into a definitive merger agreement.

Based in Hancock, 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 of Michigan, employing approximately 200 employees in its headquarters and 10 locations serving customers across the U.P. and Southeast Michigan.

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. and Green Bay, Wisconsin.

Completion of the all-stock transaction is subject to certain closing conditions, including approval of Range Financial shareholders, receipt of regulatory approvals and receipt of a determination from the Michigan Department of Licensing and Affairs that the terms and conditions of the merger are fair.

The merger is expected to close in the fourth quarter of 2026. The subsequent merger of the banks and the core systems conversion are expected to occur in spring 2027.

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. The boards of directors of the combined organization will each 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.

Mike Hauswirth, who leads Superior National Bank as its president and CEO, will serve as CEO of the combined holding company and combined bank. Jamey Markham, who serves as Range Bank’s chief lending officer and community bank president of Copper Country, will serve as president of the combined bank. Roxanne 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.

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. “We’re particularly excited to expand into Marquette County, Dickinson County and Green Bay by building on the trusted brand Range Bank has established in these markets.

“Merging two great financial institutions will give us added strength and ability to grow, allowing us to leverage the expertise inherent in each organization to benefit our customers, employees and shareholders.”

Daust noted: “Joining forces with Superior National Bank will provide tremendous benefits to Range Bank customers, employees and shareholders. 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.

“Our shared commitment to provide exceptional customer service will serve as the foundation for the combined bank. We will continue to invest in our employees and support the nonprofit and community organizations we have supported for generations.”

Piper Sandler & Co. served as the financial advisor and Warner Norcross + Judd LLP served as the legal advisor to Keweenaw Financial Corp. Piper Sandler delivered a fairness opinion to the Keweenaw Financial board of directors. 

Performance Trust Capital Partners, LLC served as the financial advisor to Range Financial Corp. and delivered a fairness opinion to the Range Financial board of directors. Hunton Andrews Kurth LLP served as the legal advisor to Range Financial.

About Keweenaw Financial Corp.

Keweenaw Financial Corp. is the holding company that owns Superior National Bank, which is headquartered in Hancock, Michigan. Superior National Bank serves clients in the Upper Peninsula and Southeast Michigan regions and employs approximately 200 people. With assets over $1 billion, Superior National Bank provides individual consumers, businesses, municipalities, and corporations with a full range of banking services, spanning lending, deposit accounts, online and mobile banking services, retirement plans, and trust and wealth management services. For more information, visit snb-t.com.

About Range Financial Corp.

Range Financial Corp. is the holding company that owns Range Bank, which has approximately $635 million in assets and 110 employees serving clients across the Upper Peninsula and in Green Bay, Wisconsin. Range Bank is a full-service community bank and leader in providing financial solutions to consumers, small businesses and commercial clients. For more information, visit rangebank.com.

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September 2025

Range Bank Announces Leadership Transition

Longtime Chairman, President and CEO Roxanne Daust to Retire at the End of 2026, Chief Lending Officer and Community Bank President Jamey Markham to Succeed Her

 Marquette, Michigan, September 12, 2025 – After 28 years of exceptional leadership and service, President and CEO Roxanne Daust has announced plans to retire from Range Bank in December 2026 when she will be succeeded by Chief Lending Officer and Community Bank President Jamey Markham.

Daust joined Range Bank in 1997 as chief financial officer, where she was responsible for the finance and operations of the full-service community bank and leader in providing financial solutions to consumers, small businesses and commercial clients. During her tenure, Daust has led significant growth and expansion of the bank, implemented new technologies and played a key role in mergers, all of which have helped Range Bank become the bank of choice in the communities it serves.

In 2011, Daust was promoted to executive vice president, where she was responsible for the day-to-day operations of the bank and growing assets under management. Daust was promoted to president and chief operating officer in 2017 and took over the additional duties of chairman and CEO duties after Ken Palmer retired in 2018. Daust’s appointment made her the first female chairman, president and CEO in the 138-year history of Range Bank. She will continue in her current role until December 2026.

“It’s been a tremendous honor and privilege to serve as Range Bank’s chairman, president and CEO,” Daust said. “I am grateful to have worked alongside our incredible team, all of whom care deeply about providing exceptional customer service while creating a collegial work environment. I’m proud of all we’ve accomplished together in building strong communities, providing sound financial advice and fostering a strong organizational culture.

“I’m looking forward to my next chapter in retirement and can think of no one better than Jamey Markham to succeed me. Jamey truly lives Range Bank’s values and mission every day, and I am fully confident his remarkable experience and skills combined with his unwavering commitment to our team and our communities will help the bank reach new heights. I look forward to seeing continued success under his leadership.”

Some of Daust’s key accomplishments at Range Bank include:

• Working with a team of executive officers to grow Range Banks’ balance sheet assets from $68 million to $585 million and assets under management to over $1.1 billion.
• Playing a central role in the successful merger of First National Bank of Calumet-Lake Linden.
• Playing a key role in building Range Bank’s Trust & Wealth Management Department.
• Opening a full-service branch in Green Bay.
• Completing a $10 million private placement subordinated debt offering along with a tender offer to shareholders.
• Building a strong leadership team and developing Range Bank’s core values of respect, ownership, community, knowledge and strength.
• Winning the Marquette County Evergreen Award for supporting and mentoring women and girls in the community and helping them to reach their full potential as leaders. 

Active in the community and the banking industry, Daust currently serves on boards and councils for the American Bankers Association, InvestUP, Operation Action U.P., the Federal Reserve Bank of Minneapolis and Marquette County Ambassadors, among many others. She is the past board chair of the Michigan Bankers Association and past board president of Lake Superior Community Partnership.

To ensure a seamless transition, Daust will work with Markham until she officially retires in December 2026. The two have been working closely for the past 18 months to prepare for a successful transition. In his new role, Markham will lead the growing community bank, which is headquartered in Marquette and serves its customers through branch offices in Marquette, Dickinson, Houghton and Brown counties.

Markham began his career at Range Bank in 2002 as the Houghton branch manager, where he helped grow the market to a thriving branch that expanded to a second location. He then went on to become a mortgage loan officer and a commercial loan officer before transitioning to community bank president of the Copper Country in 2017 and chief lending officer in 2020. Markham has been a member of the Asset-Liability Committee for 20 years and serves on the advisory boards of the Green Bay and Dickinson branches.

Some of Markham’s key accomplishments at Range Bank include:

• Helping grow the Houghton market from $0 in assets to over $60 million in deposits and $136 million in loans under management.
• Playing a key role in growing the Copper Country region from $50 million in assets under management to over $186 million in assets.
• Managing growth of the commercial loan portfolio from $173 million to $270 million in Houghton, Marquette, Dickinson and Brown counties.
• Managing the Lending Department through two rounds of Paycheck Protection Program funding and assisting local business management through the COVID-19 pandemic.
• Hiring team members who continue to play key roles in Range Bank’s success.

“I am honored for the confidence of Roxanne and Range Bank’s board of directors for trusting me as the new president and CEO,” Markham said. “Since my first position with the bank over two decades ago, I’ve been passionate about getting to work with a great group of people to help our local communities grow and prosper. I look forward to this ongoing collaboration as we continue to be the bank of choice in the communities we serve, grow our brand, achieve our financial goals and increase shareholder value.

“Roxanne has been essential in helping us grow strong roots that will build a bright future. I’ve been grateful to walk beside her and learn from her as she approaches her well-deserved retirement.”

Outside of his roles within Range Bank, Markham is an advisory board member for Michigan Technological University’s Applied Portfolio Management Program and a board member and finance committee member for the Copper Shores Community Health Foundation (formerly known as the Portage Health Foundation). He is also a longtime volunteer coach for the Copper Country Junior Hockey Association.

Markham holds a bachelor of science degree in finance from Michigan Technological University. He is also a graduate of the Graduate School of Banking at the University of Wisconsin-Madison.