Ironwood, Mich.-based West End Financial Corp. applied to the Federal Reserve to fully acquire state peer Ewen Bancshares Inc., and thereby indirectly acquire State Bank of Ewen. The Federal Reserve Bank of Minneapolis received the application during the week ending Jan. 28.
West End Financial is the parent company of Ironwood-based Gogebic Range Bank and Gresham, Wisc.-based State Bank, which had $74.4 million and $25.0 million in assets, respectively, as of Dec. 31, 2016. State Bank of Ewen had $62.9 million in total assets.
SNL valuations for bank and thrift targets in the Midwest region between Jan. 28, 2016, and Jan. 28, 2017, averaged 131.12% of book, 134.23% of tangible book and had a median of 18.22x last-12-months earnings, on an aggregate basis.
Data from SNL shows that West End Financial will enter Ontonagon County, Mich., with two branches to be ranked first with a 46.29% share of approximately $117.67 million in total market deposits.