GTSB Financial, Inc. has Become a Bank Holding Company and has Acquired the First State Bank of Decatur
THE TRANSACTION
On October 30, 2024, Traverse City-based GTSB Financial, Inc. (“GTSB”), a locally-owned and managed Bank Holding Company, completed its acquisition of First State Bank of Decatur (the “Bank”).
In early 2025, GTSB and the Bank will seek regulatory approval to offer full-service banking to the Grand Traverse region under the name Grand Traverse State Bank.
Led by Michigan native Gregg Bigger, GTSB aims to deliver a higher standard of personalized financial services that many have deemed absent from the local banking scene due to consolidations and departures of local, regional, and national banks. Leading the Bank’s operations will be financial industry veteran executive Rob Farr who joined as President of GTSB late last year.
Our Client
GTSB FINANCIAL, INC.
GTSB Financial, Inc., was founded in 2024 and is headquartered in Traverse City, Michigan. In early 2025, GTSB and the Bank will seek regulatory approval to offer full-service banking to the Grand Traverse region under the name Grand Traverse State Bank.
Transaction Partner
FIRST STATE BANK OF DECATUR
First State Bank of Decatur is the oldest chartered bank in the state of Michigan, founded as a community bank in 1870 and currently operates one full-service branch in the Kalamazoo, Michigan metropolitan area. As of September 30, 2024, First State Bank of Decatur had $54 million in total assets, $28 million in gross loans, and $42 million in total deposits. For more information on First State Bank of Decatur, please visit www.fsbdecatur.com.
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