The Bank Slate


Fed approves investor group’s planned purchase of Mich. bank

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. Connie Deneweth, who is listed as CEO of Traverse City State Bank on herĀ LinkedIn profile, would serve as vice chair.

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