Northern Michigan Bank, First Bank to merge
ESCANABA –The directors of First Bancshares Corporation, the parent company of First Bank Upper Michigan and Northern Michigan Bank and Trust announced have announced that an application has been filed with the appropriate regulatory agencies. NMB&T will merge into First Bank Upper Michigan. The directors have chosen First Bank Upper Michigan as the name for all 10 locations throughout the central Upper Peninsula.
Once the merger is completed, under one bank charter, First Bank will have over 115 associates with 10 branches located in Delta, Marquette, and Dickinson Counties. The banks will see additional economic benefits by reducing the duplication of resources toward compliance, auditing, regulatory examinations and other outside consultants needed to comply within our current regulatory environment.
“This is the next logical step in our desire to remain a strong community bank enhancing our ability to improve client services and provide more opportunity to our professional staff of caring associates,” said Jeanine Dagenais, President and Chairperson of First Bancshares, in a press release.
Currently, both banks use the same core processing system which will help to simplify the system integration process. Their third party IT provider will be assisting the banks to ensure an accurate and proficient integration.
We are honored to serve the U.P. and our local communities, they are the backbone of our success. The combination of NMB&T with First Bank is something we have been anticipating, and is the right thing to do. We have an array of talent across the board at both banks to serve our clients, and we look forward to a solid future as one,” said E.J. Kostreva, President of NMB&T Northern Region.
The merger is tentatively planned for the fourth quarter of 2017.