MANISTIQUE — The six Peninsula Bank locations acquired by mBank in July are now officially operating under the mBank name.
Monday marked the first day each branch will serve as an mBank facility. mBank president and CEO Kelly George said the impetus behind acquiring Peninsula Bank included achieving an expanded presence throughout Marquette County.
“Maybe having a little bit larger community bank centrally located up there could help with attracting some new businesses and different things like that,” he said.
Former Peninsula Bank members now have access to a multitude of mBank services, including online and mobile banking.
“I think we offer a wide array of products there in terms of mobile banking, remote deposit capture, same day processing for all of their checks, so our Internet banking is very good,” George said. “I think they’ll get a good spectrum of products there, maybe some they didn’t have before.”
Prior to the merger mBank held roughly $600 million in assets, and the acquisition of Peninsula Bank brings in an additional $125 million.