SNB buys downstate bank
HANCOCK — After nearly 130 years, Superior National Bank and Trust is expanding below the bridge.
Superior’s parent company, Keweenaw Financial Corp., announced the impending purchase of North Star Financial Holdings and its subsidiary, the Bingham, Michigan-based Main Street Bank, Wednesday.
The process began this spring, said Dave Vlahos, president and CEO for Superior National. He characterized the purchase as “smart, measured growth.”
“We feel that this is beneficial for our customers,” he said. “We feel that as we’re going to bring better products and services. We feel it is going to be beneficial also for our shareholders, and help them and our shareholders in the long run.”
The new organization will be able to provide more products and services for customers, Vlahos said, including the banks’ larger lending capacity and the addition of Main Street’s residential mortgage division.
The combined organization will still be headquartered in Hancock. Superior National’s local board of directors will oversee operations.
Superior National expects the transaction to be finalized in early 2020, subject to regulatory approval and other closing conditions. Boards of directors from both organizations approved the purchase.
Over the past several years, Superior had looked at other opportunities to expand or buy banks.
“This one is aligned with our strategic objectives, our growth objectives,” Vlahos said. “We feel like their team and our market is a great fit for Superior National.”
Founded in 2005, Main Street operates six locations, including two retail branches, three mortgage loan offices and one commercial loan office serving southeast Michigan.
In a statement, Main Street President and Chief Executive Officer Jeff Kopelman said the board was motivated by the two companies’ commonality as locally focused community banks.
“This combination is a great fit for Main Street Bank and our customers,” he said. “We look forward to working together in expanding our combined reach throughout Michigan.”
The move is an exciting one for Superior, Vlahos said.
“I’m very proud of our team and what we’ve been able to accomplish and building a solid and very strong foundation,” he said. “We’ve got strong earnings, strong balance sheet, a great team and we’re very excited to have our new colleagues in lower Michigan join our team.”