Bank of Ann Arbor and Nicolet National Bank announced that Arbor has entered into an agreement to buy the Birmingham, MI Branch of Nicolet located at 260 East Brown Street, Birmingham, MI. This was a branch of the former mBank, recently acquired by Nicolet.

As part of the agreement, Arbor will assume approximately $57 million in deposits and will purchase approximately $176 million in loans. A total of 13 loan officers and branch employees will also become employees of Arbor. Based on its modeling assumptions, Arbor anticipates the transaction to be accretive to earnings per share in excess of 10%.

“Today’s agreement with Nicolet is a step forward for Arbor as we increase our presence in Birmingham, Michigan, and Oakland County, and we are excited to welcome our new customers and teammates to our bank.” Timothy Marshall, president and CEO of Bank of Ann Arbor, said.

Combined with the existing branch on Woodward Avenue, the two branches in Birmingham will have loans exceeding $450 million and deposits of approximately $345 million.

The transaction is expected to be completed during the first quarter of 2022, subject to the satisfaction of customary closing conditions, including required regulatory approvals.

Bank of Ann Arbor, founded in 1996, was named as one of the top 100 performing banks ($1 billion to $10 billion in total assets) in 2015 by SNL Financial, ranking ninth. It was named as one of the U.S.’s Top 50 Best Banks to Work For by the American Bankers Association in 2013, 2015 and 2017. In November 2019, Bank of Ann Arbor was selected by the Detroit Free Press as a Top Workplace in Michigan.

Arbor was advised by the investment banking firm of Performance Trust Capital Partners, LLC and the law firm of Bodman PLC. Nicolet was advised by the investment banking firm of Donnelly Penman & Partners, Inc., and the law firm of Bryan Cave Leighton Paisner LLP.