West Shore Bank Corp. in Ludington, Mich., has agreed to buy West Michigan Bank & Trust in Frankfort.
West Shore, the parent of the $390 million-asset West Shore Bank, said in a press release Thursday that it will pay $8.3 million in cash, including a $4.5 million special dividend, for the $40 million-asset West Michigan. The deal is expected to close in the second half of this year.
Douglas Cook, West Michigan's chief executive, will join West Shore as a market leader and trust officer.
"We have a combined leadership team in place that will ensure our customers have the progressive products, services and technology that meet the demands of today's banking environment," Raymond Biggs, West Shore's president and chief executive, said in the release.
West Shore said that West Michigan's trust services will supplement its own commercial and retail banking and wealth management operations.
Sandler O'Neill and Warner Norcross & Judd advised West Shore. Donnelly Penman & Partners and Varnum advised West Michigan Bank & Trust.
