Thumb Bancorp, Inc. and Exchange State Bank Corp. Complete Merger
Thumb Bancorp, Inc., Pigeon, Michigan (“Thumb”), the bank holding company for Thumb Bank & Trust, and Exchange State Bank Corp., Carsonville, Michigan (“Exchange”), the bank holding company for Exchange State Bank, consummated their previously announced merger transaction effective on December 31, 2022.
Under the terms of the agreement entered into between the parties on August 29, 2022, Exchange merged with and into Thumb and Exchange State Bank merged with and into Thumb Bank & Trust. After the closing, Thumb Bank & Trust has approximately $591 million in total assets, $316 million in total loans and $545 million in total deposits.
“I am pleased that we have completed our merger with Exchange State Bank, and I am excited to welcome all of our new shareholders from Exchange and their customers and employees to Thumb Bank & Trust. Thumb Bank & Trust has been helping people in our communities realize their personal, financial and business goals since 1895,” said Ben Schott, President and Chief Executive Officer of Thumb and Thumb Bank & Trust. “Exchange has done an excellent job of providing similar services to customers in their communities since 1901. With the new employees and directors from Exchange State Bank, we are confident in our ability to deliver expanded and enhanced services to our new customers and to support their business and personal financial needs,” said Schott.
About Thumb Bancorp, Inc. and Thumb Bank & Trust
Thumb Bank & Trust was established in 1895 and operates branch offices in Bad Axe, Marlette, Bay City, Cass City, Caseville and Pigeon, Michigan. Including the former offices of Exchange, Thumb Bank & Trust also will have branch offices in Applegate, Carsonville, Deckerville, Brown City, Sandusky and Port Sanilac, Michigan. More information about Thumb can be found at: www.thumb.bank.
With the addition of shareholders from Exchange, Thumb will have approximately 625 record shareholders, but will continue to be privately held. Also as part of the transaction, Thumb converted from an S-Corporation to a C-Corporation.
Kelly Gerstenberger, the former President of Exchange State Bank, has joined Thumb Bank & Trust as Market President. In addition, four of Exchange’s directors will join the Thumb board of directors: Scott Campbell, Jeffrey Grout, David Kirkbride and Pamela Wadsworth. Director and former Chairman Curt Backus retired upon completion of the transaction following 26 years of service to Exchange and Exchange State Bank.