TROY, Mich. -- Standard Federal Bank said it has completed a definitive agreement to purchase Interfirst Bankcorp of Ann Arbor for $13.65 a share in cash, or $31.2 million.
Interfirst, a thrift company active as a wholesale mortgage bank, has $128 million in deposits and five banking offices.
The $9.8 billion-asset Standard Federal will use Interfirst to expand loan servicing "and enable us to enter into the wholesale mortgage banking business in 25 states," said Thomas R. Ricketts, chairman, president, and chief executive officer.
