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Shareholder, former director wants Michigan-based bank to sell

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Shareholder, former director wants Michigan-based bank to sell

A large shareholder and former director of Traverse City State Bank wants the bank to sell.

David Kelley told the TraverseCity Record-Eagle that he has received two indications of interest from potentialbuyers. The first came five months ago, but the board did not consider it seriously,Kelley said, adding that a second interested party recently contacted him and intendsto make an offer.

However, Traverse City State Bank CEO Constance Deneweth toldS&P Global Market Intelligence that the bank is not up for sale and has notreceived any offers. "At Monday's annualshareholder meeting, the shareholders expressed strong support for remaining independent,except for Mr. Kelley," Deneweth said in an emailed statement. "As a bank,we feel a strong sense of responsibility to the community most of us call home."

Deneweth said that Kelley is one of about 350 shareholders inthe bank and is one of its larger minority shareholders.

The bank is a unit of Traverse City, Mich.-based