West Michigan Savings Bank has been acquired by Sturgis Bank & Trust

Sturgis Bancorp, Inc. (OTCQB: STBI) (“Sturgis”), the parent company of Sturgis Bank & Trust Company, announced that after the close of business on April 6, 2015 it completed its previously announced acquisition of West Michigan Savings Bank (“WMSB”) in an all-cash transaction valued at approximately $3.3 million. Assuming no additional purchase price adjustments, the per share transaction price payable to shareholders for each share of WMSB was $330.04. The ultimate purchase price is still subject to adjustment in the event that the costs of funding and terminating WMSB's pension plan exceed a specified amount.

Upon closing of the transaction, the operations of WMSB were consolidated into and the combined bank will operate under the name of Sturgis Bank & Trust Company. Following the closing, on a pro forma basis as of March 31, the combined bank had approximately $371 million in assets, $250 million in gross loans and $284 million in total deposits. Sturgis Bank & Trust Company will now operate 12 branches across southwest Michigan, including the former WMSB office in Bangor, Michigan.