On September 7, 2021, Nicolet Bankshares, Inc. (NASDAQ: NCBS) (“Nicolet”) announced that its wholly owned banking subsidiary, Nicolet National Bank, has entered into a definitive purchase and assumption agreement to sell its Birmingham, Michigan branch, including legacy mBank’s asset-based lending team, to Bank of Ann Arbor (“Arbor”). As of August 31, 2021, the Birmingham location had total loans of approximately $176 million and total deposits of approximately $57 million. This was a branch of the former mBank, recently acquired by Nicolet. A total of 13 loan officers and branch employees will also become employees of Arbor.
Completion of the branch sale remains subject to regulatory approval and other customary closing conditions contained in the purchase and assumption agreement.
NICOLET NATIONAL BANK
Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches in Northeast and Central Wisconsin and the upper peninsula of Michigan.
BANK OF ANN ARBOR
Bank of Ann Arbor is a locally owned and operated bank with total assets over $2.5 billion and assets under management of more than $2 billion, serving people and businesses in Washtenaw, western Wayne, and Oakland Counties. Unifi Equipment Finance based in Ann Arbor has a national presence in the small ticket vendor leasing market.