Michigan National Bank said Wednesday that it would buy five First of America supermarket bank offices in western and southeast Michigan. Terms were not disclosed.
Farmington Hills-based Michigan National, a unit of National Australia Bank Ltd., would have 32 supermarket offices in Michigan. The locations are all in Meijer Stores.
The deal is expected to close in mid-October. A spokesman for National City Corp., which bought First of America this year, said the offices are being sold as part an evaluation of the company's branch network. The branches did not meet National City's criteria for either market penetration or profitability, he said.
The First of America banks will be renamed National City, and the companies' computer systems will be merged Nov. 1. -Brett Chase