Tri-County Bank, based in Brown City, Mich., is acquiring Mayville Financial Corp. and its subsidiary Mayville State Bank.
The combined bank, which will operate under the Tri-County brand, will have 14 locations and approximately $735 million in total assets. Mayville State Bank brings has approximately $97 million in assets while Tri-County has $639 million in assets.
Mike Ford, the president and CEO of Tri-County Bank, will continue in this role in the combined organization.
“We see in Mayville State Bank a like-minded organization with the same commitment to stellar customer service that is at the core of Tri-County Bank,” Ford said. “We have both been in business for more than 130 years and share a passion for building strong relationships in the communities we serve. “This transaction will benefit customers by allowing us to offer more product offerings, larger loan limits and more convenient locations. Our employees will enjoy more professional opportunities for advancement. We’re eager to welcome Mayville State Bank customers and employees to the Tri-County family in the coming months and will do everything we can to ensure a smooth transition.”
No immediate changes are planned once the transaction is finalized.
Performance Trust Capital Partners served as the financial advisor and Warner Norcross + Judd served as the legal advisor to Tri-County Bancorp. Donnelly Penman & Partners served as the financial advisor and Varnum served as the legal advisor to Mayville Financial.
Pending regulatory and Mayville Financial shareholder approval, the transaction is expected to close in the fourth quarter of this year.