Eaton Federal Savings Bank in Charlotte, Mich. Monday announced it has completed the acquisition of Stockbridge Bancorporation Inc., the holding company for SSBBank in Stockbridge, Mich. Terms of the transaction were not disclosed.
The transaction was effective as of June 30, when SSBBank merged into Eaton Federal. SSBBank’s two offices in Stockbridge and Gregory, Mich. will operate as branches of Eaton Federal, while SSBBank’s Eaton Rapids office will be consolidated into Eaton Federal’s existing Eaton Rapids location due to the proximity of the brankches.
As of March 31, Eaton Federal reported $292 million in assets, and SSBBank reported $66 million in assets.
“Eaton Federal is pleased to have completed the acquisition of SSBBank,” says Tim Jewell, president of Eaton Federal. “This acquisition benefits my bank by increasing our market footprint and also our asset size, which will improve our economies of scale.
“It will benefit the customers of SSBBank by bringing them the products, services, and resources of a larger institution while at the same time retaining the small community bank attention to value and service they enjoyed with SSBBank.”
Eaton Federal was founded in 1937.