Bank of Ann Arbor to pay $33.3M for Bank of Birmingham
Ann Arbor — The holding company for Bank of Ann Arbor plans to buy the Bank of Birmingham for approximately $33.3 million.
The merger would create a bank with 225 employees and eight locations across Wayne, Washtenaw and Oakland counties, according to a statement from Arbor Bancorp Inc. Pending regulatory approvals and the approval of the shareholders of Birmingham Bloomfield Bancshares Inc., the deal should be finished by year’s end.
The merged companies would be known as Bank of Ann Arbor.
The merger offers the Bank of Ann Arbor the chance to expand into Oakland County, which is where Bank of Birmingham’s only location is, said Tim Marshall, president and CEO of Bank of Ann Arbor.
Read more: http://www.detroitnews.com/story/business/2016/07/20/bank-ann-arbor-purchase/87349122/