Shoreline Financial Corp., Benton Harbor, Mich., has agreed to acquire $29.3 million-asset State Bank of Coloma.
Terms of the deal were not disclosed.
Wayne R. Koebel, Shoreline's chief financial officer, said the $877 million-asset company had wanted for several years to establish a branch in Coloma but was waiting for the right opportunity. State Bank of Coloma "will amount to a nice-size branch for us," he said.
Mr. Koebel said the two parties are still determining whether State Bank of Coloma's 20 shareholders will receive Shoreline stock or a stock-and- cash combination.
The deal is expected to close by the end of the first quarter, Mr. Koebel said.