Business
Lake Trust Credit Union to Purchase Hastings Branch of Mercantile Bank of Michigan
Deal expected to close in early 2021 HASTINGS, Mich., Oct. 26, 2020 /PRNewswire/ -- Lake Trust Credit Union ("Lake Trust"), a community-based credit union
About this update from Mercantile Bank Corporation
[{"type":"text","content":"Deal expected to close in early 2021\n\n\nHASTINGS, Mich., Oct. 26, 2020 /PRNewswire/ -- Lake Trust Credit Union (\"Lake Trust\"), a community-based credit union serving nearly 200,000 individuals and businesses throughout Michigan, announced an intent to purchase the Hastings, Mich. branch of Mercantile Bank of Michigan (\"Mercantile Bank\") located at 1500 W M 43 Hwy. The agreement includes the 4,300 square-foot branch footprint and all associated assets including approximately $16 million in deposits. \n\n \n \n \n \n \n \n\n \nThe deal is expected to close in early 2021. Lake Trust currently operates a branch location in Hastings at 209 N. Church Rd. Lake Trust will transition Hastings operations to the new M 43 Hwy. location following renovations with a timeline to be determined.\nGrand Rapids-based Mercantile Bank is Michigan's third-largest bank and operates 39 branches throughout Michigan, with assets totaling approximately $4.4 billion. \n\"Lake Trust has a long history of serving the Hastings community. As we consistently work to enhance our member experience, the purchase of Mercantile Bank's Hastings branch will offer expanded convenience and accessibility for Lake Trust members in the area,\" Lake Trust CEO David Snodgrass said. \"For current Mercantile Bank customers, we look forward to introducing them to Lake Trust and helping them reach their financial goals.\" \nGuided by its mission to be an engine of member and community wellbeing, Lake Trust is a full-service financial institution with more than $2.2 billion in assets and 30,000 fee-free ATMs across its shared network. Lake Trust provides insurance, college and retirement planning along with an innovative suite of digital banking solutions for both consumer and business members. From online and mobile banking to digital wallet services, Lake Trust's virtual banking services are designed to facilitate ease and safety now and in the future. \nWith customers throughout Michigan, Mercantile Bank continues to refine its branch network based on customer trends, ensuring it meets the needs of customers today and in the future. \"Our customers are using alternative banking options more and relying less on physical branch locations for their banking and lending needs, thanks to our high-touch service model and robust online, mobile and card banking platforms. As we r...