Mercantile Finally Acquires Firstbank in Michigan

Mercantile Bank (MBWM) in Grand Rapids, Mich., has finally completed its acquisition of Firstbank (FBMI) in Alma, Mich.

The company has $2.9 billion in assets, making it the third-biggest bank holding company based in Michigan. It has 53 branches in the state.

"As a result of this merger, the combined Mercantile … has a strengthened competitive position with an expanded geographic footprint," Michael Price, the company’s president and chief executive, said in a Monday press release.

The $151 million deal, announced last August, was initially expected to close in January, but was pushed back twice due to regulatory snags. In November, Mercantile moved its projected closing date to March 31 because of "the timing of certain regulatory processes and approvals." The merger was delayed again in February, when the companies disclosed in regulatory filings that they had extended the termination date to June 30.

The end of May also marked the completion of several other regional bank acquisitions.

Provident Financial Services (PFS) in Jersey City, N.J., completed its purchase of Team Capital Bank in Bethlehem, Pa. The company now has $8.4 billion in assets and 87 branches in northern New Jersey and eastern Pennsylvania. The deal was announced in December.

BNC Bancorp (BNCN) in High Point, N.C. completed its acquisition of Community First Financial in Chapel Hill, N.C. The deal, announced in December, expanded the operations of the $3.2 billion-asset BNC in Chapel Hill, where it gained three branches.

Meanwhile, HomeTrust Bancshares (HTBI) in Asheville, N.C., on May 31 completed its purchase of Jefferson Bancshares (JFBI) in Morristown, Tenn. The $2.1 billion company  plans to rebrand Jefferson's 12 Tennessee branches in August.

Peoples Bancorp (PEBO) in Marietta, Ohio, bought Midwest Bancshares. The $12.6 million deal pushes Peoples to nearly $2.2 billion in assets.