Michigan-based Independent Bank and TCSB Bancorp, the parent company of Traverse City State Bank, received regulatory approval for their merger from the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services.
A meeting of the TCSB shareholders has been scheduled for March 14, 2018 to vote upon and approve the merger agreement between IBCP and TCSB. Assuming requisite TCSB shareholder approval and satisfaction of other closing conditions, the merger is expected to close April 1, 2018.
The combined assets of the merged banks will be approximately $3.15 billion.
