SOURCE: Sturgis Bancorp Inc.

March 30, 2015 16:55 ET

Sturgis Bancorp Reports Shareholder Approval of Consolidation

STURGIS, MI--(Marketwired - Mar 30, 2015) - Sturgis Bancorp, Inc. (OTCQX: STBI) is pleased to announce shareholder approval of the Consolidation Agreement for its subsidiary Sturgis Bank & Trust Company (Sturgis Bank) to acquire West Michigan Savings Bank (WMSB), Eric L. Eishen, President and CEO, announced today. 

Final regulatory approvals were received for the transaction in March 2015 from the Federal Deposit Insurance Corporation, Department of Justice, and Federal Reserve Bank of Chicago.

WMSB reported to Sturgis Bank regarding a special meeting of West Michigan Savings Bank shareholders, held on March 28, 2015. Of 10,000 WMSB shares outstanding, 93.51% of WMSB shares were represented at the special meeting. Of the shares represented at the special meeting, 100% voted in favor of the Consolidation Agreement. 

The transaction is expected to be completed in April 2015, making the Bangor office of WMSB an additional branch office of Sturgis Bank.

Sturgis Bancorp is the holding company for Sturgis Bank, and its subsidiaries Oakleaf Financial Services, Inc. and Oak Mortgage, LLC. Sturgis Bancorp provides a full array of trust, commercial and consumer banking services from 11 banking centers in Sturgis, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of Sturgis Bank.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Sturgis Bancorp, primarily with respect to future events and the future financial performance of the Sturgis Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Sturgis Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

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Contact Information

  • Contacts:
    Sturgis Bancorp
    Eric Eishen
    President & CEO
    Brian P. Hoggatt
    P: 269 651-9345