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The Troy, Mich., bank's agreement to buy the four remaining bank units of Capitol Bancorp in a bankruptcy auction would strengthen its Midwestern profile, but it has to accept two far-flung units and navigate some tricky regulatory issues to get the deal done.
October 15 -
The combination of Mercantile and Firstbank is expected to break the bank M&A logjam in Michigan. The combined company will be on the lookout for more deals, executives say.
August 16 -
The Michigan company is set to raise up to $100 million if the right acquisition is available. Analysts say in an erratic M&A market, it is better to be ready to raise capital than to raise it and wait.
May 31 -
There were more deals announced in the Midwest than in any other U.S. region last year.
April 9
Horizon Bancorp (HBNC) in Michigan City, Ind., has agreed to buy SCB Bancorp (SCB) in East Lansing, Mich.
The $1.8 billion-asset Horizon will
SCB shareholders will receive $5.15 in cash and 0.49 shares of Horizon common stock for each SCB share. Horizon's stock was trading at $21.26 per share Wednesday morning.
John Abbot, president and chief executive of SCB's Summit County Bank, will continue to run that bank. The deal will supplement Horizon's efforts to expand into Grand Rapids, Mich., where it recent hired a senior lender. "We believe establishing a significant presence in these larger markets will provide Horizon with substantial growth opportunities, a key component to our future success," Horizon CEO Craig Dwight said in a press release.
Cummings & Co. and Barnes & Thornburg advised Horizon. SCB Bancorp was advised by Donnelly Penman & Partners and Foster Swift Collins & Smith.
The deal is the latest in a streak of M&A activity in Michigan. Talmer Bancorp in Troy, Mich.,