Arbor Bancorp in Ann Arbor, Mich., has agreed to buy Birmingham Bloomfield Bancshares in Michigan.
Arbor, the parent of the $1.2 billion-asset Bank of Ann Arbor, said in a press release Wednesday that it will pay $33.3 million, or $16.50 a share, in cash for the parent of the $274 million-asset Bank of Birmingham. The deal is expected to close by the end of this year.
Arbor said it expects the deal to be accretive to earnings per share by about 15%.
"We have been looking for strategic opportunities … and believe we've found the perfect partnership," Tim Marshall, Arbor's president and chief executive, said in the release. "This acquisition provides us with the beginnings of a well-established and highly respected footprint in Oakland County."
Arbor was advised by Keefe, Bruyette & Woods; Varnum provided legal services. Birmingham was advised by Donnelly Penman & Partners and Warner Norcross & Judd.
