M&A News: Thumb Bancorp to buy Exchange State in Michigan

Thumb Bancorp in Pigeon, Mich., has agreed to buy Exchange State Bank in Carsonville, Mich. The $401 million-asset Thumb said in a press release that it will pay $29.9 million in cash and stock for the $219 million-asset Exchange Bank. The merger is expected to close late this year or in early 2023.

Meanwhile, GrandSouth Bancorp. in Greenville, S.C., considered four bids before deciding to negotiate with First Bancorp in Southern Pines, N.C. The $10.6 billion-asset First Bancorp agreed to buy the $1.3 billion-asset GrandSouth in June for $181 million of stock.

© 2022 by Paul Davis. All rights reserved. Reprinted with permission as an adaptation of the material from bank-slate.blogspot.com.


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