West Shore Bank Corporation
Area of Law:
Banking Law, Mergers and Acquisitions
$8.3 Million Acquisition of West Michigan Bank & Trust
Warner Norcross & Judd LLP is representing West Shore Bank, the wholly-owned banking subsidiary of West Shore Bank Corporation, in the acquisition of West Michigan Bank & Trust (WMBT). In the transaction, WMBT will be consolidated with and into West Shore Bank, with West Shore Bank as the surviving institution. Following the closing of the transaction, the consolidated bank will have total assets of approximately $440 million and will operate under the West Shore Bank brand.
Transaction consideration to WMBT shareholders will consist of all cash in an aggregate amount of approximately $8.3 million, consisting of an aggregate cash payment by West Shore Bank to WMBT shareholders of approximately $3.8 million and a pre-consolidation special cash dividend by WMBT to WMBT shareholders in an aggregate amount of approximately $4.5 million.
The transaction has been approved by the board of directors of each bank and is expected to close in the second half of 2016, subject to customary closing conditions, including regulatory approvals and West Michigan Bank & Trust shareholder approval.
The Warner Norcross transaction team was led by Charlie Goode. The team also consisted of partners Sean Cook, Jonathan Kok, Steve Kretschman, Rodney Martin, Jeffrey Ott, Justin Stemple, Scott Watson and associates Emily Cantor and Corinne Sprague.
Warner Norcross & Judd Mergers and Acquisitions (M&A) Group
As part of one of the largest and most successful law firms in Michigan, the Warner Norcross M&A group draws upon more than 85 years of experience to successfully and efficiently handle a wide range of M&A transactions for both private and publicly traded businesses, including mergers, acquisitions, divestitures, joint ventures and strategic business combinations of all types.
Warner Norcross is ranked as one of the “Best Law Firms” by Best Lawyers and U.S. News & World Report and as a leading law firm in mergers and acquisitions by Chambers USA. Our M&A attorneys have been selected by their peers for inclusion in The Best Lawyers in America and also named as “Super Lawyers” by Michigan Super Lawyers Magazine.