On July 20, 2016 Arbor Bancorp, Inc., the holding company for Bank of Ann Arbor (“Arbor”), and Birmingham Bloomfield Bancshares, Inc., the holding company for Bank of Birmingham (“Birmingham”) (OTC Pink: BBBI), announced they have entered into a definitive agreement (the “Agreement”) for Arbor to acquire Birmingham in an all-cash transaction valued at approximately $33.3 million. On January 6, 2017, Arbor completed its acquisition of Birmingham.
Under the terms of the agreement, shareholders of Birmingham received $16.50 per share in cash for each share of Birmingham common stock outstanding, resulting in a total transaction value of approximately $33.3 million including cashing out outstanding warrants and stock options.
The combined company will have $1.5 billion in assets and approximately $1.2 billion in assets under management. Integration is scheduled to be completed within 90 days to 120 days. Executive Vice President and Chief Lending Officer Jenny Meier will serve as Birmingham district president for the combined bank.
BANK OF BIRMINGHAM
Bank of Birmingham is a full-service community bank established in 2006, with one location in Birmingham, Michigan, serving primarily the Oakland County business community. As of September 30, 2016, Birmingham had approximately $301.6 million in assets, $246.1 million in loans, $274.9 million in deposits, and $18.7 million in common equity in the vibrant Oakland County market.
BANK OF ANN ARBOR
Bank of Ann Arbor is a locally owned and operated bank with total assets and assets under management of approximately $2.2 billion, serving people and businesses in Washtenaw and western Wayne counties with offices at the corner of Fifth Avenue and Washington Street in downtown Ann Arbor, in the Traver Village Shopping Center, at the corner of Stadium and Liberty streets, on West Ellsworth Road in Pittsfield Township, on West Michigan Avenue in downtown Ypsilanti, in Plymouth on Ann Arbor Road, on East Michigan Avenue in downtown Saline.