First Bancshares Corp. units First Bank Upper Michigan and Northern Michigan Bank & Trust are merging, according to a June 1 press release.
The Gladstone, Mich.-based company's board applied for regulatory approval on the pending restructuring. Upon completion, the combined subsidiary will operate as First Bank Upper Michigan, which will have more than 115 associates and 10 branches.
The merger is set to close in the fourth quarter.
In March 2016, First Bancshares Corp. acquired Northern Michigan Bank & Trust from Escanaba, Mich.-based Northern Michigan Corp. in an all-cash deal.