County Bank in Lapeer, Mich., has agreed to buy Capac Bancorp in Capac, Mich.
County Bank, the holding company for the $324 million-asset Lapeer County Bank & Trust, said in a press release that it will pay $20 million, or $27 a share, in stock for the parent of the $245 million-asset CSB Bank. The merger is expected to close in the third quarter.
County Bank said it will merge CSB Bank into Lapeer County Bank, adding that the newly combined entity will be renamed. The company did not disclose the new name.
Bruce Cady, president and chief executive of Lapeer County Bank, will serve as chairman and CEO, while Mike Burke, CSB's president and CEO, will become president.
By combining our two banks, we will be able to offer a broader range of services and depth of knowledge to our communities,” Burke said in the release. “This is an exciting new adventure. Very few bankers get the chance to create a new entity that will be one of the premier banks in the state."
Boenning & Scattergood and Hunton & Williams advised County Bank. Austin Associates and Shumaker, Loop & Kendrick advised Capac.