(RUTH) — Eastern Michigan Financial Corporation has purchased Ruth Bank Corporation. The transfer is expected to be completed sometime in the first quarter of 2016, pending regulatory approval and other customary closing conditions. Both parent companies are located in the Thumb area and have long histories with the local community. Headquartered in Croswell, Eastern Michigan Financial Corporation is the holding company for Eastern Michigan Bank with branches in Croswell, Deckerville, Fort Gratiot, Lakeport, Lexington, Marysville, Minden City, Sandusky and Port Huron. Established in 1907, Ruth State Bank operates only in Ruth. As of September 30, Ruth State Bank’s total assets were $37.7 million with Eastern Michigan Bank’s at $283.6 million as of that same date. Ruth State Bank President Joseph Zinger stated that his staff looks forward to helping Eastern Michigan Bank transition into Ruth.
