Keweenaw Financial in Hancock, Michigan, has agreed to buy Range Financial in Marquette, Michigan. Keweenaw, the parent of the $1.1 billion-asset Superior National Bank, said in a press release that it plans to buy the $635 million-asset holding company for Range Bank in the fourth quarter. The price of the all-stock deal wasn’t disclosed.
Colony Bankcorp in Fitzgerald, Georgia, has agreed to buy First Reliance Bancshares in Florence, South Carolina. The $3.9 billion-asset Colony said in a press release that it will pay $163 million in stock for the $1.1 billion-asset First Reliance. The deal, which is expected to close in the fourth quarter, priced First Reliance at 162% of its tangible book value.
Ion Financial in Naugatuck, Connecticut, has agreed to absorb Cooperative Bank in Boston. The $2.8 billion-asset Ion said in a press release that the $540 million-asset Cooperative will continue to operate as a division.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
