Isabella Bank Corporation, Mt. Pleasant, Mich., is acquiring Grandville, Mich.-based Grand River Commerce for $54.6 million..The deal, expected to close in the fourth quarter, will result in a combined bank with $2.8 billion in assets and 33 branches in central Michigan. Isabella Bank Corporation is the holding company of Isabella Bank. As of late April, Isabella Bank had $2.2 billion in assets, $1.8 billion in deposits and $1.5 billion in net loans and leases. Grand River Commerce is the holding company of Grand River Bank. As of March 31, Grand River had $511 million in assets, $437 million in loans and $438 million in deposits. Isabella Bank Corporation President and CEO Jerome Schwind said the deal “aligns with our disciplined, long-term strategic plan and importantly aligns and builds on shared common values and similar cultures.” Minneapolis-based Piper Sandler & Co. is financial advisor to Isabella Bank Corporation, and Luse Gorman, PC, Washington, D.C., is legal advisor. New York City-based Brean Capital LLC is financial advisor to Grand River, while Hunton Andrews Kurth LLP, Richmond, Va., is legal advisor.
