State and federal regulators have approved the proposed $61.8 million merger of TCSB Bancorp Inc. in Traverse City into Independent Bank Corp.
The Grand Rapids-based Independent Bank (Nasdaq: IBCP) today announced the approvals from the Federal Reserve Bank of Chicago and Michigan Department of Insurance and Financial Services.
Shareholders at TCSB Bancorp, the parent company of Traverse City State Bank, are scheduled to vote March 14 on the acquisition. Under terms of the stock transaction, shareholders at TCSB Bancorp would receive 1.1166 shares of Independent Bank stock for each of their shares.
Pending TCSB shareholder approval, the deal could close April 1.
The acquisition would extend Independent Bank’s footprint into the northwestern Lower Peninsula, where Traverse City State Bank has five offices and assets of about $350 million. Independent Bank has 65 branches across the Lower Peninsula with assets of $2.87 billion.