Regulatory Approvals Granted For Bank Merger
November 18, 2021
By Jessica Mathews / email@example.com
Regulatory approvals have been granted for the merger of a major Livingston County-based bank with a Washtenaw County-based institution.
Arbor Bancorp Inc., the holding company for Bank of Ann Arbor, and FNBH Bancorp Inc., the holding company for First National Bank in Howell, previously announced the signing of a definitive merger agreement this past August for Arbor to acquire First National.
The combined operation will be called Bank of Ann Arbor. The deal had been proceeding in 2020 but after the pandemic hit, the entities were forced to suspend the merger.
A press release states the proposed transaction has received the requisite approvals of the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation (FDIC), the Michigan Department of Insurance and Financial Services, and the shareholders of FNBH Bancorp, Inc.
The closing of the transaction is currently expected to occur prior to December 31st, subject to the satisfaction of remaining closing conditions.
More information is available in the attached press release.