Independent Bank Corporation (NASDAQ: IBCP), the parent company of Independent Bank, and TCSB Bancorp, Inc., the parent company of Traverse City State Bank, have jointly announced the signing of a definitive merger agreement for IBCP to acquire TCSB.
D.A. Davidson & Co. has served as exclusive financial advisor to TCSB in the agreement to merge.
The terms of the merger agreement have been unanimously approved by the board of directors of each company. Subject to the approval of TCSB shareholders and the receipt of regulatory approvals and other customary closing conditions, the transaction is expected to close in the first half of 2018. The transaction is valued at approximately $63.24 million.
Find the full details and transaction announcement here.