GH Bank being sold to a Thumb-area corporation
Mon, Mar 31, 2008
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BY MARK BROOKY
mbrooky@grandhaventribune.com
Grand Haven Bank is one of a handful of affiliates of Capitol Bancorp Ltd. that are being sold to Northstar Financial Group Inc., which is based in Michigan's Thumb region.
The transaction was announced today by the Lansing-based Capitol Bancorp.
The "definitive agreement" is reported to be worth $52 million. It will also include Kent Commerce Bank, Muskegon Commerce Bank and Paragon Bank & Trust.
Grand Haven Bank was established in May 1995 by Capitol Bancorp. In January 2001, the bank's single branch and office was moved from 15 S. Second St. to a new building at 333 Washington Ave.
Northstar Bank was established in February 2001 in Bad Axe. It opened a loan production office in Sandusky in 2005; and merged with the Community Bank of Caro, Akron and Pigeon in February 2007.
More details on this story will be found in Tuesday's Tribune.