Ohio bank completes merger, enters Michigan market

Waterford Bancorp, Inc., Toledo, Ohio, the holding company for Waterford Bank, N.A., acquired Clarkston Financial Corporation, Clarkston, Mich., the holding company for Clarkston State Bank. The combined banks will operate under the Waterford Bank brand.

“We are very pleased that our merger with Clarkston has been completed,” said Mike Miller, chairman and CEO of Waterford. “We appreciate the efforts of the Clarkston team to complete this merger.”

Grant Smith, the former president and CEO of Clarkston who is now the Michigan president for Waterford Bank, said the combination of the banks, which are similar in their culture and values, will provide opportunity for growth. “We are very pleased to join the Waterford family,” Smith said.

“We look forward to working with Grant Smith and his team to continue serving the communities previously served by Clarkston State Bank, with the expanded services that the combined organization now can provide,” Miller said.

The $1 billion Waterford Bank was founded in 2007, and operates offices in Williams, Hancock, Lucas and Wood County, Ohio, and with the Jan. 1 acquisition, now in Oakland County, Mich.