GTSB Financial Inc. is Proud to Announce its Successful Acquisition

GTSB Financial Inc. is Proud to Announce its Successful Acquisition of First State Bank of Decatur,
Michigan’s Oldest Independently Owned Bank

Grand Traverse State Bank Poised to Usher in New Era of Locally Owned Banking
in Northwest Michigan in 2025
 
Traverse City, MI – On October 30, 2024, Traverse City-based GTSB Financial Inc. (GTSB), a locally-owned and managed Bank Holding Company, completed its acquisition of First State Bank of Decatur (Bank). In early 2025, GTSB and the Bank will seek regulatory approval to offer full-service banking to the Grand Traverse region under the name Grand Traverse State Bank. Led by Michigan native Gregg Bigger, GTSB aims to deliver a higher standard of personalized financial services many have deemed absent from the local banking scene due to consolidations and departures of local, regional, and national banks.
 
"With the support of a broad spectrum of area business owners and investors we have come together to create a bank which will understand and support our community's unique needs, while continuing the Bank’s tradition of high quality service to the Decatur and western Michigan market" said Bigger, GTSB's Chairman and CEO. "We'll be combining traditional banking with modern technology for a personalized and convenient experience."
 
“From the outset, it has been our intention to build upon the 154 years of tradition of the First State Bank of Decatur to offer a banking alternative to the businesses and residents of our vibrant and thriving community here in the Grand Traverse region,” Mr. Bigger added. “The successful outcome of this effort was possible due to our dedicated shareholders, board members, and executive team, as well as First State Bank of Decatur’s CEO Jim Creagan, his board of directors, shareholders, and team. Special thanks to former deputy bank commissioner Donald P. Mann of the Community Bankers of Michigan (CBM), Warren Call, the CEO of Traverse Connect, and the expert guidance by the professionals at both of our state associations (MBA,CBM) were invaluable in seeing this endeavor to fruition.”
 
Leading the Bank’s operations will be financial industry veteran executive Rob Farr who joined as president of GTSB late last year.
 
“Rob has a long track record of accomplishment in the industry, and in particular has been instrumental in the successful launch of two de novo community banks in Southeast Michigan,” Bigger commented. “Throughout his career Rob has demonstrated the highest degree of character, integrity, and teamwork in forging phenomenal relationships with area businesses and community leaders, and we are delighted to have his involvement in GTSB.”
 
In addition to the appointment of  Rob Farr, GTSB’s and the Bank’s Board of Director’s and seasoned industry professionals include the former CEO of Traverse City State Bank Connie Deneweth as vice chair and board members Mitchell Blue of Peterson McGregor Insurance, Bryan Taggart of Larkin Insurance, Dr. Nathan March of West Front Primary Care, Brad Niergarth of Dennis, Gartland & Niergarth, LLC, Kevin Bozung of cybersecurity firm SafetyNet, Rob Farr, Steve Lang retired insurance company CEO, and, continuing from First State Bank of Decatur, Thorne Angell and Jim Creagan.
 
Bigger said the community has responded enthusiastically to the imminent availability of highly responsive and personalized services guided by branch-level decision making.
 
“From the ground up, GTSB will serve our customers with a state-of-the-art app, online account dashboards, and responsive in-person services tailored to the needs of the families, businesses, and stakeholders who collectively make Traverse City such an exceptional place to live and do business,” he stated.
 
Bigger began his banking career in 1992. During his residency in Santa Barbara, he was a founding member of two community banks, both of which were acquired. Gregg and his wife Wendy are from Owosso and the family’s roots date back 100 years in Northwest Michigan. Currently living on the Old Mission Peninsula, Gregg and Wendy are the proud parents of three adult daughters.
 
"We're excited to be part of this thriving region and look forward to GTSB Financial, Inc., First State Bank of Decatur and Grand Traverse State Bank serving our customers with the highest level of care and professionalism”, Bigger stated. “We’re just getting started and look forward to the great contributions we can make together for the continued vitality of our community and region.”
 
Donnelly Penman & Partners, Inc. served as financial advisor to GTSB Financial, Inc. in connection with the transaction and exclusive placement agent in connection with the common stock offering, with Igler and Pearlman, P.A. providing legal representation. Dickinson Wright, PLLC acted as placement agent’s counsel. McQueen Financial Advisors were First State Bank of Decatur’s financial advisor, with Warner Norcross + Judd LLP serving as legal advisors.