Edgewater Bank, St. Joseph, Mich., has completed a conversion it launched last year to become a state-chartered bank.
“The decision to deregister the company’s common stock and suspend SEC reporting was made after careful consideration of the advantages and disadvantages of continuing as an SEC reporting company,” said Richard E. Dyer, Edgewater’s president and CEO. “This decision should reduce our operating expenses and result in benefits to the company’s stockholders.”
In June, the $154 million bank announced it had opened a loan production office in Fremont, Mich., focused on commercial and ag lending. Don Farmer, a 38-year banking veteran and 30-year Fremont resident, serves as senior vice president of Edgewater Bank in its new office.
“I’ve known and worked with Don since 1994,” Dyer said. “He is an excellent banker and dedicated community member. Don knows the market and will be a strong advocate of Edgewater’s community banking philosophy.”