mBank will buy Peninsula Bank

Two Upper Peninsula banks are becoming one, as Manistique-based mBank announced it will buy Ishpeming's Peninsula Bank.

The deal includes six Peninsula Bank locations and almost $132 million in assets, and will be finalized sometime this fall, subject to shareholder approval. Those locations will join seven mBank locations in the U.P., bringing mBank's total locations in Michigan up to 17.

While mBank already was the largest bank headquartered in the U.P., the acquisition of Peninsula Bank will make it even bigger, with assets estimated at $710 million after the deal is closed, becoming the 16th largest bank based in Michigan.

"We are extremely pleased and excited to be able to partner with a long standing community-focused institution like Peninsula Bank," says Kelly George, mBank president and CEO. "…[W]ith the increased Marquette County footprint, we will be able to offer an even more convenient and comprehensive banking experience with a strong line of products and services for all our clients and drive further market procurement of loans and deposits. In turn, we expect to expand and deepen our valued client relationships."

Peninsula Bank customers and shareholders will be kept up to date on what the acquisition means for them over the next few months on the Peninsula Bank and mBank websites and in mailings, and, George says, anyone also is welcome to stop into a branch location to talk with one of mBank or Peninsula Bank's bankers.

Writer: Kim Eggleston
Source: mBank