Bank of Ann Arbor completes Bank of Birmingham acquisition

Tom Henderson - Arbor Bancorp Inc., the parent company of the Bank of Arbor, announced Tuesday morning that it has completed a merger announced in July to buy Birmingham Bloomfield Bancshares Inc., the parent company of the Bank of Birmingham. Birmingham Bloomfield shareholders receive $16.50 in cash for each share of common stock, with a total transaction value of about $33.3 million. The combined entity will have about 225 employees and eight branches in Washtenaw, Wayne and Oakland counties. It will have