First Place buys more Michigan banks
WARREN — First Place Bank has doubled the size of its branch network in Michigan.
The Warren-based financial institution said Monday that it has acquired seven Republic Bank branches in and around Flint, Mich., that were being sold because of a merger between Republic and Citizens Banking Co.
“We’re not done,” said Steve Lewis, First Place president and chief executive.
“We want to continue to enhance our presence in southeast Michigan, and this is one step to do that.”
First Place will take over $210 million in deposits from Republic and pay a 5 percent premium, or $10.5 million.
It will receive the seven branches, including three that are leased, and $30 million in loans.
The transaction is expected to close in the second quarter of next year.
Lewis said the deal will add to earnings immediately, if one-time charges for the acquisition and the integration of the company are excluded.
Lewis said he hopes the deal will add jobs in the Mahoning Valley.
As First Place expands its operations in other areas, it also needs more staff here to handle back-office support work, he said.
In this region, First Place has the equivalent of 500 full-time workers in its banking operations and the same number at its real estate, insurance and property title subsidiaries.