Exchange Bancshares of Moore Inc. in Moore, Okla., said it has agreed to sell itself for $16.1 million, minus some items, to an investor group led by a Michigan physician.
Dr. Brooks Bock, the president of Harper University Hospital and Hutzel Women's Hospital in Detroit, is the chairman of the acquiring company, ENB Acquisition Corp. in Oklahoma City, Exchange said. The buyer group also includes Dr. John Stuemky, medical director of the Children's Emergency Department at the Oklahoma University Health Science Center, and Joshua Bock, Dr. Bock's son and a lawyer in Detroit.
Craig Turner, the president of the $105 million-asset Exchange, said recent deal values prompted the decision to sell. "We think the market was at a place at the end of 2007 that you had to at least look," he said.
The deal is expected to close this quarter.
