Grasshopper Bank in New York City has agreed to buy Auto Club Trust in Dearborn, Michigan. The $485 million-asset Auto Club Trust is a federal savings bank owned by The Auto Club Group.
The $835 million-asset Grasshopper said in a news release that it will raise about $35 million in conjunction with the acquisition. The deal is expected to close in the first half of next year.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.