Commercial Bank, Alma, MI Acquired MainStreet Savings Bank, FSB, Hastings, MI.
Alma, Michigan, July 17, 2010
ALMA, MI – Commercial Bank has reached an agreement with the FDIC to acquire all the deposits and loans of MainStreet Savings Bank, FSB - Hastings, MI. Beginning Saturday morning, the Hastings headquarters as well as the branch in Lake Odessa, MI will open as branches of Commercial Bank.
“We are excited to bring MainStreet Savings Bank customers into the Commercial Bank family” said Jeffrey S. Barker, President and CEO of Commercial Bank. “Commercial Bank has always been known for our conservative banking and business practices, which is what made this acquisition possible. We believe that our employees and the Barry County Community will greatly benefit from our “making a difference in our community” culture and our full line of banking products and services.”
The acquisition extends Commercial Bank’s branch network to 9 locations across Michigan. Upon closing of the acquisition, Commercial Bank will have assets of approximately $410 million with offices in Alma, Greenville, Hastings, Ithaca, Lake Odessa, Middleton, Mt. Pleasant, and St. Louis. Commercial Bank was recently ranked the 14th highest performing community bank in the United States and 1st in Michigan based upon a US Banker magazine study of the past three years return on equity.
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