Merger Complete

Thumb Bancorp, Inc (Thumb) and Exchange State Bank Corp. (Exchange) complete merger.

Thumb Bancorp, Inc., Pigeon, Michigan, the bank holding company for Thumb Bank & Trust, and Exchange State Bank Corp., Carsonville, Michigan, the bank holding company for Exchange State Bank, consummated their previously announced merger transaction effective on December 31, 2022.

After the closing, Thumb Bank & Trust has approximately $591 million in total assets, $316 million in total loans and $545 million in total deposits.

“I am pleased that we have completed our merger with Exchange State Bank, and I am excited to welcome all of our new shareholders from Exchange and their customers and employees to Thumb Bank & Trust. Thumb Bank & Trust has been helping people in our communities realize their personal, financial and business goals since 1895,” said Ben Schott, President and Chief Executive Officer of Thumb and Thumb Bank & Trust. Exchange has done an excellent job of providing similar services to customers in their communities since 1901. “With the new employees and directors from Exchange State Bank, we are confident in our ability to deliver expanded and enhanced services to our new customers and to support their business and personal financial needs,” said Schott.

See below for the full press release.