Mid-Michigan bank to acquire Grand River for $54.6M
GRANDVILLE, Mich. (WOOD) — Mount Pleasant-headquartered Isabella Bank is set to acquire West Michigan's Grand River Bank in a $54.6 million deal.
The two have entered into an agreement and plan of merger, they announced Friday in a release. Grand River will ultimately be merged into Isabella.
Grand River, which is headquartered in Grandville and also has a location in Grand Rapids Township, opened for business in 2009. As of late March, it had about $512 million in assets, $438 million in loans and $439 million in deposits, according to the release.
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Isabella Bank has 31 locations across eight mid-Michigan counties. The acquisition will mark its entrance into the Grand Rapids area.
"We are excited to join forces with Grand River and enter Kent County and the vibrant Grand Rapids market," said Jerome Schwind, president and CEO of Isabella Bank Corporation, in a statement. "This partnership aligns with our disciplined, long-term strategic plan and importantly aligns and builds on shared common values and similar cultures."
The combined company will have 33 locations and total assets of about $2.8 billion, the release said.
In a statement, Grand River Commerce President and CEO Robert Bilotti said the bank's customers and employees will "benefit from enhanced capabilities and continued relationship-based banking."
"We are excited to carry our legacy forward with an organization that shares our culture and long-term vision," his statement continued.
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Both companies' boards of directors have approved the agreement, according to the release, and the transaction is expected to close in the fourth quarter of 2026. In the meantime, the banks will continue to operate separately.
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