IBT Bancorp Inc. of Mount Pleasant, Mich., announced plans to acquire the $107 million-asset Greenville Community Bank for $34 million in stock.
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The deal, which IBT announced Friday in a filing with the Securities and Exchange Commission, would add two branches to the $902 million-asset IBT's 22-branch network, which is located entirely in Michigan.
Greenville Community said its second-quarter net income slipped 9% from a year earlier, to $210,000.
The deal is expected to close next quarter, IBT said in the SEC filing.
