Mid Am, Inc. Completes Acquisition of Adrian State Bank

Strategic Insights -

Mid Am, Inc. (Nasdaq: MIAM, MIAMP) has completed its acquisition of Adrian State Bank, a $128 million state-chartered bank headquartered in Adrian, Michigan. This transaction represents Mid Am's initial entry into the state of Michigan and marks the company's attainment of $2 billion in total assets. The merger, announced on August 16, 1994, has been valued at $20.1 million, with shareholders of ASB Bankcorp, Inc. receiving 4.536 shares of Mid Am, Inc. common stock for each share of ASB stock held as of the effective date.

Key Takeaways:

  • The acquisition of Adrian State Bank represents Mid Am, Inc.'s first entry into the state of Michigan, expanding its presence to a new market area.
  • The merger has been valued at $20.1 million, with shareholders of ASB Bankcorp, Inc. receiving 4.536 shares of Mid Am, Inc. common stock for each share of ASB stock held as of the effective date.
  • Adrian State Bank will continue to operate under its current name and with its current Board of Directors.
  • The affiliation with Mid Am, Inc. promises to deliver new services and products to customers within a short period of time, while maintaining the bank's community-focused culture.
  • Mid Am, Inc. is the ninth largest bank holding company in Ohio and is headquartered in Bowling Green, Ohio.
  • The acquisition adds to Mid Am's affiliates, which include various banks and financial services companies in Ohio and other states.

Statistics:

  • Total assets of Mid Am, Inc. after the acquisition: $2 billion
  • Value of the merger: $20.1 million
  • Number of shares received by ASB shareholders: 4.536 shares of Mid Am, Inc. common stock for each share of ASB stock held

Sources:

  • PRNewswire article, March 1, 1995
  • Nasdaq: MIAM, MIAMP (no date provided)
  • Adrian State Bank website (no date provided)