Question 1

What is First State Bank of Michigan?

Accepted Answer

First State Bank of Michigan is the oldest chartered bank in the state of Michigan, operating as a community bank in the Kalamazoo metropolitan area. With approximately $65.3 million in total assets and $49.3 million in deposits, the bank maintains a single full-service branch in Decatur, Michigan. Founded as a community-focused institution, the bank has deep historical roots dating back over 150 years.

Note: First State Bank of Michigan in Decatur is distinct from First State Bank headquartered in Macomb County, which serves different markets in southeastern Michigan.

Question 2

When was First State Bank of Michigan founded?

Accepted Answer

First State Bank of Michigan was founded on January 1, 1870, making it the oldest chartered bank in Michigan. For over 154 years, the bank has served the Decatur community and surrounding Van Buren County area. The bank's longevity reflects its resilience through numerous economic cycles, including financial panics, depressions, and modern banking transformations.

Question 3

Where is First State Bank of Michigan headquartered?

Accepted Answer

First State Bank of Michigan is headquartered in Decatur, Michigan. Decatur is located in Van Buren County in southwestern Michigan, within the Kalamazoo metropolitan area.

Question 4

Where does First State Bank of Michigan operate?

Accepted Answer

The bank operates a single full-service branch location in Decatur, serving Van Buren County and the surrounding communities in southwestern Michigan. The service area includes the Kalamazoo metropolitan region, providing banking services to both rural and suburban customers in this agricultural and residential area of Michigan.

Question 5

What services does First State Bank of Michigan offer?

Accepted Answer

First State Bank of Michigan provides comprehensive community banking services including personal and business deposit accounts, lending products, and traditional banking services. As a community bank with 20 employees, the institution focuses on personalized customer service and relationship banking.

Digital banking services are available through the bank's online platform at www.fsbdecatur.com, allowing customers to access accounts and manage finances remotely while maintaining the personal touch of a local community bank.

Question 6

What makes First State Bank of Michigan unique?

Accepted Answer

First State Bank of Michigan holds the distinction of being the oldest chartered bank in the state of Michigan, with 154 years of continuous service since 1870. This remarkable longevity demonstrates the bank's ability to adapt and survive through multiple generations of economic change.

The bank's most unique characteristic is its recent transformation. In October 2024, GTSB Financial, Inc., a Traverse City-based bank holding company, acquired First State Bank of Michigan. This acquisition positions the institution for expansion into the Grand Traverse region under the new name Grand Traverse State Bank, pending regulatory approval in early 2025.

Despite changes in ownership, the bank maintains its commitment to community-focused banking and personalized service that has characterized its operations for over a century.

Question 7

What type of financial institution is First State Bank of Michigan?

Accepted Answer

First State Bank of Michigan is a State Chartered Commercial Bank. It operates under Michigan state banking regulations with FDIC insurance (Certificate #12893) and is supervised by the Federal Deposit Insurance Corporation. As a non-member of the Federal Reserve System, the bank maintains independence while adhering to federal deposit insurance requirements.

The bank represents the traditional community bank model, emphasizing local decision-making, relationship banking, and service to its specific geographic market in southwestern Michigan.

Question 8

What recent changes have occurred at First State Bank of Michigan?

Accepted Answer

On October 30, 2024, GTSB Financial, Inc. completed its acquisition of First State Bank of Michigan. This transaction marks a significant transformation for the historic institution.

GTSB Financial was founded in 2024 and is led by Michigan native Gregg Bigger, with financial industry veteran Rob Farr serving as President. The acquisition positions the bank to expand into the Grand Traverse region, with plans to operate under the name Grand Traverse State Bank pending regulatory approval expected in early 2025.

As of September 30, 2024, the bank reported $54 million in total assets, $28 million in gross loans, and $42 million in total deposits. While the bank experienced a challenging period with negative net income of -$698,000 (resulting in a -1.48% ROA and -6% ROE), the new ownership aims to revitalize operations and bring enhanced financial services to northern Michigan communities.

First State Bank of Michigan

in the United States 🇺🇸

Crypto-Friendliness

All done!

About First State Bank of Michigan in the United States