Hastings, Mich.-based Lake Trust Credit Union is buying a branch in Hastings from Mercantile Bank of Michigan, Grand Rapids.
The agreement includes the 4,300-square-foot branch and all associated assets as well as approximately $16 million in deposits.
The deal is expected to close in early 2021. Lake Trust currently operates a branch in Hastings at 209 N. Church Rd. It will transition Hastings operations to the new M 43 Highway location following renovations at a date to be determined.
The $2.2 billion Lake Trust has about 200,000 members and 18 branches in southeast Michigan.
“As we reviewed our existing branch network and our presence in the Hastings market, we felt it was in the best interest of our Hastings branch customers that we find a partner that was established in the Hastings community and aligned with our mission and values,” said Raymond Reitsma, president of the $4.3 billion Mercantile Bank of Michigan.
Mercantile will have 44 offices in the state following close of the deal.
In connection with this transaction, ProBank Austin is serving as financial advisor and Dickinson Wright PLLC is serving as legal counsel to Mercantile Bank. Honigman LLP is serving as legal counsel to Lake Trust.