ESCANABA — First Bancshares has entered into a definitive agreement with Northern Michigan Bank and Trust.
First Bancshares will be purchasing Northern Michigan Bank and Trust. The intention is to run the two banks separately and independently of each other. All associates will be keeping their positions with the banks, and the customers will still go the same place.
“In this time of mergers and acquisitions many banks have been bought and maybe the guest focus is lost or even the focus on associates and how satisfied people are coming to work every day,” said First Bancshares Director Tim Dagenais, “and we are very attentive to those things. It’s nice because we’re a community oriented organization and we realize the importance of the relationships between our customers, our guests and our associates.”
The acquisition allows First Bancshares Corporation to expand into Iron Mountain, Kingsford, Marquette, and Ishpeming markets. According to Dagenais the expected changes will include some better products for the guests along with more opportunities for the employees to grow with the organization.
“The excitement for me is to keep this 100–plus–year–old community bank a community bank,” added Dagenais, “and it’s not going to lose sight of the guests and the associates. It’s going to continue to support the community the way that community banks are supposed to be.”
Action will take place after the customary federal approval is completed which is expected to be in about three to four months.