#United States #Merger #Tri-County Bank #Mayville State Bank #Brown City

Tri-County Bancorp and Mayville Financial Corp.: A New Chapter in Community Banking

On May 7, 2026, Tri-County Bancorp, Inc. and Mayville Financial Corp. made headlines with the announcement of their merger agreement. This strategic move aims to strengthen their presence in the community banking sector, where service quality and customer relationship are paramount.

Based in Brown City, Michigan, Tri-County Bancorp is recognized as the parent company of Tri-County Bank, an institution rooted in the community since 1889. With assets totaling approximately $639 million, Tri-County operates out of 12 locations across Michigan’s Thumb region and employs around 95 dedicated professionals. The merger is set to enhance their ability to cater to local customers by expanding their range of services and boosting loan capacities.

Conversely, Mayville Financial Corp., founded in 1885, controls Mayville State Bank, which has assets nearing $97 million and a workforce of 25 employees in two branches located in Mayville and Millington. The collaboration is anticipated to create synergies that will invigorate both banks and allow them to compete more effectively with larger financial institutions without sacrificing the personalized service they are known for.

Pending necessary regulatory and shareholder approvals, the merger is on track to finalize in the fourth quarter of 2026. Once completed, the newly formed entity will continue to operate under the Tri-County name, boasting a combined asset total of around $735 million and an expanded network of 14 branches. Mike Ford, who currently serves as the President and CEO of Tri-County, will maintain his role in the newly merged organization.

Ford emphasized the shared philosophies of Tri-County and Mayville, stating, "We see in Mayville State Bank a like-minded organization with the same commitment to stellar customer service that is at the core of Tri-County Bank." Both institutions take pride in their long-standing history of fostering robust relationships within the communities they serve.

The merger is not just administrative; it promises tangible benefits for the customer base. The integration will allow for a broader array of financial products, including larger loan options and better access to banking services at more convenient locations. Additionally, staff from both banks will gain improved professional development opportunities as part of a larger organization. This strategic move aims to ensure that customers will receive enhanced service without losing the small-town charm they have come to expect.

"This transaction will benefit customers by allowing us to offer more product offerings, larger loan limits and more convenient locations," Ford noted, indicating a focus on the needs of the customers during this transitional phase. He also reassured Mayville State Bank's employees and clients of a planned smooth transition into the Tri-County family, reinforcing both banks' commitment to maintaining their customer-centric culture.

The merger has been met with positivity from both sides, as Greg Wegrzyn, spokesperson for Mayville Financial, stated, "This partnership is a great outcome for our shareholders, customers, employees, and communities. It will empower us to compete at a higher level."

Advisors played a crucial role in this merger, with Performance Trust Capital Partners LLC serving as the financial advisor to Tri-County Bancorp while Donnelly Penman Partners took on the same role for Mayville Financial Corp. Legal counsel for both entities was provided by Warner Norcross + Judd LLP for Tri-County and Varnum LLP for Mayville. Each firm contributed fairness opinions that affirm the strategic benefit of this merger.

In conclusion, the merger between Tri-County Bancorp and Mayville Financial Corp signifies a pivotal moment for community banking in Michigan. As these two storied institutions prepare to join forces, their shared commitment to customer service, community engagement, and loyalty to their clients provides a promising outlook for enhanced services and support in the years ahead. The evolution of Tri-County Bank following this merger is poised to redefine what it means to be a community bank in today’s ever-changing financial landscape.