An investor group has received approval from the Federal Reserve to buy First State Bank of Decatur in Michigan.
A group led by Gregg Bigger applied last fall to buy the $54 million-asset bank. They plan to rebrand First State as Grand Traverse State Bank.
The group has been looking to raise $14.5 million with hopes of buying and rebranding First State by late 2024.
Bigger was a founder of Bank of Santa Barbara in California and once looked to form a de novo in Traverse. Connie Deneweth, a former CEO of Traverse City State Bank on her LinkedIn profile, would serve as vice chair.