Eastern buys Ruth bank

Eastern Michigan Financial Corporation, Croswell, Mich., completed its acquisition of Ruth State Bank, Ruth, Mich..The one-branch Ruth State Bank had $37 million in assets, $8 million in loans and deposits of $34 million. The Ruth office will continue to operate as Ruth State Bank until June, when it will be rebranded as a branch of Eastern Michigan Bank.."Ruth is an excellent fit for Eastern," said Tim Ward, CEO of the $284 million Eastern Michigan Bank. "This merger provides us the opportunity to partner with a financially sound, family-owned community bank to create an even stronger organization that better serves both our customers' and communities' financial needs.".Eastern Michigan Financial Corporation was advised by Mike Kelley of Frohm, Kelley, Butler and Ryan, P.C. of Port Huron, Mich., and Ruth Bank Corporation was advised by Craig Mancinotti of Austin Associates of Toledo, Ohio.