MUNISING - Lasco Development Corp. - an information technology service bureau - has been purchased by Peoples State Bank of Munising.
Terms of the deal were not announced.
Lasco - an information technology leader in the Upper Peninsula - is a privately owned company incorporated in 1967 specializing in financial services, network maintenance and management, security, and other business applications.
Over the past two years, Lasco president and CEO Dennis VanLandschoot and senior vice president Kris Sweeney have been working to find appropriate replacement owners as they near their retirements.
"Throughout this transaction, our clients and employees have remained our focus." VanLandschoot said in a news release. "We believe this acquisition adds value to our clients, continues career paths for our employees and maintains our holding company concept. We look forward in continuing our partnership with our client base for many more years to come."
Lasco officials said during the transition period and into the future, business is expected to continue as normal with Lasco's mission and goal of providing value to its client base in an open and honest manner. Long term, Lasco will be looking to expand its client base as well as its financial product offerings. VanLandschoot and Sweeney will continue in their current roles.
"We are very pleased to be part of a 40-plus-year-old technology company. The banking industry is changing and how we manage technology will be a major part of our future success," said Rick Nebel, president and CEO of Peoples State Bank in Munising. "With this investment into Lasco, we will have a firm with great regulatory, technology and financial services expertise. As our industry continues to evolve, it is evident that the need for scale and to band together on additional services will be required moving forward."
Peoples State Bank is a hometown community bank, locally owned, directed and managed. The bank was organized in 1910 and has primarily served Alger and Schoolcraft counties, focusing on providing complete banking services to its customers.