Varnum Represents First National Bank in Howell in Merger
Arbor Bancorp, Inc., the holding company for Bank of Ann Arbor, and FNBH Bancorp, Inc., the holding company for First National Bank in Howell, announced they have entered into a definitive agreement for Arbor to acquire First National in an all-cash transaction. The deal is valued at approximately $101.4 million and is expected to be completed in the second quarter of 2020, subject to the receipt of necessary regulatory and shareholder approvals.
The merger allows Arbor to enter the Livingston County market and provides First National customers with access to an enhanced portfolio of products and services. The merger also enhances Bank of Ann Arbor’s growth opportunities and results in anticipated double-digit EPS accretion. The combined organization is expected to have more than 300 employees across 17 locations in Livingston, Washtenaw, western Wayne and Oakland counties and approximately $2.2 billion in total assets.
Varnum represented First National in structuring, negotiating and preparing the definitive merger documents. Kim Baber (Corporate and Banking, M&A) was the lead attorney for the team which included Justin Fitzgerald (Corporate and Banking) and John Arendshorst and Katie Roskam (Employee Benefits).