Independent Bank to take over Traverse City State Bank.
Global Banking News-December 5, 2017--Independent Bank to take over Traverse City State Bank
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Global Banking News - 05 December 2017
Michigan-based Independent Bank Corporation (NASDAQ:IBCP) (IBCP), the parent company of Independent Bank, has announced that it has signed an agreement to take over TCSB Bancorp Inc (TCSB) and its unit.
TCSB Bancorp Inc is the parent company of Traverse City State Bank. The merger has been approved by the boards of both banks and in the deal, TCSB shareholders are to receive 1.1166 shares of IBCP's common stock for each outstanding share of TCSB common stock.
The transaction is valued at approximately USD63.24m.
Brad Kessel, president and CEO of Independent Bank Corporation, said, 'The transaction with TCSB will strengthen our current franchise and support our growth in the attractive Traverse City market with full-service banking through five locations. We are excited to welcome the TCSB team and together create an even stronger bank for the Michigan communities that we serve. We are pleased that Connie Deneweth will continue to lead the Northern Michigan market. She is a respected business leader in the Traverse City area who will make a positive contribution to our organisation. In addition, Ann Bollinger will lead the development of our wealth management services in Northern Michigan. Connie and Ann have built an exceptional bank with a strong foundation.'
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|Publication:||Global Banking News (GBN)|
|Date:||Dec 5, 2017|
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