Originally announced in August 2022, Exchange State Bank has officially merged with and into Thumb Bank & Trust effective Saturday, December 31.
The recently consummated merger also sees Exchange’s bank holding company merging into its Thumb Bancorp counterpart. After closing, Thumb Bank & Trust has approximately $591 million in total assets, $316 million in total loans and $545 million in total deposits.
Thumb Bancorp was established in 1895 and currently has branches in Bad Axe, Bay City, Cass City, Pigeon, Caseville, and Marlette. By merging with Exchange, Thumb Bank and Trust will have soon branches in Applegate, Carsonville, Deckerville, Brown City, Sandusky and Port Sanilac. With the addition of shareholders from Exchange, Thumb will have approximately 625 record shareholders, but will continue to be privately held.
Also as part of the transaction, Thumb converted from an S-Corporation to a C-Corporation.
Post-merger, Kelly Gerstenberger, the former President of Exchange State Bank, has joined Thumb Bank & Trust as Market President. In addition, four of Exchange’s directors will join the Thumb board of directors: Scott Campbell, Jeffrey Grout, David Kirkbride and Pamela Wadsworth.
Director and former Chairman Curt Backus retired upon completion of the transaction following 26 years of service to Exchange and Exchange State Bank.
