On November 12, 2015, First Bancshares Corporation ("FBC") and Northern Michigan Corporation ("Northern") announced the execution of a definitive agreement, whereby Northern Michigan Bank & Trust ("NMB&T") would be acquired from Northern by FBC in an all-cash transaction. On March 4, 2016, FBC completed the acquisition of NMB&T from Northern.
NORTHERN MICHIGAN CORPORATION
Northern Michigan Bank & Trust, a wholly-owned bank subsidiary of Northern Michigan Corp., is headquartered in Escanaba, Michigan and maintains branch locations in Escanaba, Marquette, Ishpeming, Kingsford, Bark River, Gladstone, and Iron Mountain, Michigan where it provides full-service banking including deposit, lending, investment, and other financial services. As of December 31, 2015, NMB&T had total assets of approximately $243.4 million, total loans of $164.9 million, deposits of $219.5 million, and common equity of $21.2 million. Additionally, as of December 31, 2015, NMB&T had $225.9 million in assets under management.
FIRST BANCSHARES CORPORATION
First Bancshares Corporation, headquartered in Gladstone, Michigan, is the bank holding company for First Bank, Upper Michigan ("First Bank"). First Bank operates branches in Gladstone, Escanaba, and Garden, Michigan. As of December 31, 2015, First Bank had total assets of $179.0 million, total loans of $138.2 million, deposits of $130.9 million, and common equity of $35.2 million.