Superior National Bank has made its first acquisition outside the Copper Country with the purchase of Main Street Bank of Bingham Farms, Michigan.
Bingham Farms is located near Southfield, Michigan, northwest of Detroit.
Main Street Bank and its parent company, North Star Financial Holdings, Inc., claim assets over $280 million. SNB’s assets are valued at $575 million.
Main Street was founded in 2005. It operates two retail branches, three mortgage loan offices, and one commercial loan office.
SNB President and Chief Executive Officer Dave Vlahos called the acquisition a move toward “smart, measured growth.”
Bank headquarters will remain in Hancock, governed by Superior National’s current board of directors. The transaction is expected to be completed in the first quarter of 2020.
See the bank’s full media release here.