East central Michigan banks Tri-County Bancorp and Mayville Financial Corp. are merging, the companies announced May 7. .The transaction, expected to close in the fourth quarter, will create a bank with approximately $735 million in assets and 14 branches across Michigan operating under the Tri-County brand.Tri-County Bancorp, based in the east-central Michigan community of Brown City, has about $639 million in assets and 12 locations. Mayville-based Mayville Financial has about $97 million in assets and operates two branches.Tri-County President and CEO Mike Ford will continue leading the combined company. The banks said no immediate operational changes are planned following the merger. "This transaction will benefit customers by allowing us to offer more product offerings, larger loan limits and more convenient locations,” he added. “Our employees will enjoy more professional opportunities for advancement.”The companies said the deal is intended to expand products and lending capacity while maintaining community banking operations in Michigan’s Thumb region.Chicago-based Performance Trust Capital Partners LLC was financial advisor to Tri-County Bancorp, while Warner Norcross + Judd LLP, Grand Rapids, Mich., served as legal advisor. Grosse Pointe Farms, Mich.-based Donnelly Penman & Partners was financial advisor and Varnum LLP, Grand Rapids, was legal advisor to Mayville Financial Corp.
