Pigeon, Mich.-based Thumb Bancorp will acquire eastern Michigan-based Freeland State Bank in an all-cash deal later this year, according to Hovde Group.
Financial terms of the deal were not disclosed. Thumb Bancorp is the parent company of Thumb Bank & Trust, a $617 million community bank with a dozen branches in Michigan. The Freeland-based, $54 million Freeland State Bank has one branch.
The transaction is expected to close in the fourth quarter of the year.
Hovde Group served as financial adviser to Thumb Bancorp.
The deal comes two years after Thumb Bank & Trust expanded in eastern Michigan by acquiring Exchange State Bank.
