Arbor Bancorp (Bank of Ann Arbor) completed its merger with Birmingham Bloomfield Bancshares (Bank of Birmingham).

In July 2016, BOAA and BBBI entered into a definitive merger agreement, under which shareholders of BBBI will receive $16.50 per share in cash for each share of BBBI common stock outstanding, resulting in a total transaction value of approximately $33.3 million, including paying off outstanding warrants and stock options.

The combined organization is expected to have approximately 225 employees across eight locations and approximately $2.7 billion in combined total assets and assets under management.

Bank of Birmingham will continue to operate under the current name until core banking systems have been integrated. Expected timeframe for completion of integration is 90 to 120 days.

As of today, Jenny Meier, a 10 year veteran of the bank and most recently the executive vice president and chief lending officer, will become the Birmingham district president for the organization.  Meier will be succeeding Robert Farr who opened the bank 10 years ago and was one of the catalysts in finalizing this partnership between the two banks.

Arbor was advised by the investment banking firm of Keefe, Bruyette & Woods and the law firm of Varnum. Birmingham was advised by the investment banking firm of Donnelly Penman & Partners and the law firm of Warner Norcross & Judd.