Pursuant to the terms of the purchase and assumption agreement entered into with the FDIC, First Michigan Bank will assume approximately $470m in deposits.
In addition, First Michigan Bank will operate all 17 of First Banking Center’s branch offices and acquire approximately $510m in loans, which are subject to a loss-share agreement with the FDIC, as well as certain other assets.
First Michigan Bank has said the the acquired bank branches will reopen as its branches and customers of First Banking Center can continue to use their accounts as usual.
Gary Collins has been named president of the Wisconsin region, and Hugh McLean as new executive managing director, both responsible for managing the day to day operations of the Wisconsin region.
First Michigan Bancorp chairman, president, and CEO David Provost said the top priority is to assure all customers that their deposits are safe and remain readily available to them.
