On April 14, 2016 West Michigan Bank & Trust (“WMBT”) and West Shore Bank (“WSB”) jointly announced the signing of a definitive consolidation agreement, pursuant to which WMBT will be consolidated with and into WSB, with WSB as the surviving institution. On August 24, 2016, WSB completed its acquisition of WMBT and converted its branches to the West Shore Bank brand.
Transaction consideration to WMBT shareholders consisted of all cash in an aggregate amount of approximately $8.3 million, consisting of an aggregate cash payment by WSB to WMBT shareholders of approximately $3.8 million and a pre-consolidation special cash dividend by WMBT to WMBT shareholders in an aggregate amount of approximately $4.5 million. Total asset size of West Shore Bank following the completion of the consolidation is approximately $440 million.
Raymond A. Biggs remains as President and CEO while Douglas D. Cook has become Senior Vice President/Market Leader and Trust Officer of the combined company.
WEST MICHIGAN BANK & TRUST
WMBT was founded in 1983. The bank offers a full line of banking services, including trust services, with two branch locations (Frankfort and Manistee.) As of June 30, 2016, WMBT had assets of $40.2 million, gross loans of $13.4 million, deposits of $32.7 million, and shareholders’ equity of $7.4 million.
WEST SHORE BANK
WSB is a locally owned community bank based in Ludington, Michigan with six retail branches and one commercial lending office located throughout Mason, Manistee, Oceana and Muskegon counties. The Bank offers a wide range of business and personal financial solutions as well as convenient electronic banking services. As of June 30, 2016, WSB had assets of $386.8 million, gross loans of $257.1 million, deposits of $303.3 million, and shareholders’ equity of $37.3 million.