Isabella Bank in Mt. Pleasant, Mich., has agreed to buy a branch from Independent Bank in Grand Rapids, Mich.
The $2.3 billion-asset Independent disclosed in a regulatory filing Tuesday that it will sell a branch in Midland, Mich., to the $1.6 billion-asset Isabella. The deal includes about $15.3 million in deposits that Isabella will buy at a 6% premium and $850,000 in real property and fixed assets.
Independent said it expects to close the sale by Sept. 30.