Bank of A2 acquires First National Bank

Sharing is caring!

Tim Marshall, president and CEO of Bank of Ann Arbor, and Ron Long, president and CEO of First National Bank.

First National Bank is set to be acquired by Arbor Bancorp Inc., the holding company for Bank of Ann Arbor, in an all-cash transaction.

Shareholders of First National Bank will receive $3.65 per share in cash for each share of FNBH Bancorp common stock outstanding, subject to adjustment in certain limited circumstances. This results in a deal value of approximately $101.4 million. The transaction is expected to be completed during the second quarter of 2020, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of First National.

The combined organization is expected to have more than 300 employees across 17 locations in Livingston, Washtenaw, and western Wayne and Oakland counties, as well as approximately $2.2 billion in total assets.

“We have been looking for strategic opportunities to expand Bank of Ann Arbor into Livingston County and believe we’ve found the perfect partnership with First National Bank,” said Tim Marshall, president and CEO of Bank of Ann Arbor. “By bringing together two high-performing and like-minded community banks that share a commitment to serving their local communities, we will continue to provide individuals and businesses with excellent service and a full range of financial services.”

“This acquisition provides us with a well-established and highly respected community bank in Livingston County and provides First National’s customers access to our enhanced portfolio of products and services and greater lending capabilities,” Marshall added. “Together, we will build upon both of our highly efficient platforms for delivering the best financial services to our clients.”

“The merging of these two established institutions allows us to provide a broader range of banking services to our client base, including Bank of Ann Arbor’s Trust and Investment Management Group, Technology Industry Group, and equipment leasing” said Ronald Long, president and CEO of First National Bank. “In addition, it will greatly expand our lending limits and capabilities in our primary market of Livingston County and will allow us to use Bank of Ann Arbor’s infrastructure to meet the growing compliance and regulatory burdens, giving our team members more time to focus on our clients.

“Both organizations share common values and the passion to provide attentive customer service, and the combination will only enhance these principles. Finally, we are pleased these shared values will allow the combined organization to continue the strong commitment to the communities in our market areas and to support a variety of charitable organizations within those communities.”

Ron Long will continue to serve as district president in Livingston County following the conclusion of the transaction.

Bank of Ann Arbor, founded in 1996, was named as one of the top 100 performing banks ($1B to $10B in total assets) in 2015 by SNL Financial, ranking ninth. It was named as one of the U.S.’s Top 50 Best Banks to Work For by the American Bankers Association in 2013, 2015 and 2017. In November 2019, Bank of Ann Arbor was selected by the “Detroit Free Press” as a Top Workplace in Michigan.

Bank of Ann Arbor has successfully acquired and integrated three other Michigan financial services organizations, including: Bank of Birmingham in Birmingham in January 2017, New Liberty Bank in Plymouth in May 2010, and UniFi Equipment Finance in Ann Arbor in January 2013. Bank of Ann Arbor has approximately $1.75 billion in total assets, and its high performing Trust and Investment Management Group has more than $1.6 billion in assets under management.

First National Bank is a full-service community bank established in 1891, with nine offices servicing its Livingston County customers. As of Sept. 30, 2019, FNBH Bancorp, Inc. had approximately $435.0 million in assets, $351.2 million in loans, and $362.3 million in deposits in the vibrant Livingston County market.

Sharing is caring!

About The Livingston Post 1869 Articles
The Livingston Post is the only locally owned, all-digital information and opinion site in Livingston County, Mich. It was launched by award-winning journalists who were laid off from the Livingston County Daily Press & Argus by Gannett Co. Inc. in 2009.

Be the first to comment

What do you think?