Bank of Ann Arbor Expands Further in Oakland County with Definitive Agreement to Merge with Huron Valley State Bank

Chamber Member Press Release

Two High Performing Michigan-based Banks to Merge
Expanding Markets, Products, Services, and Offerings
 
• Arbor Bancorp, Inc. (Bank of Ann Arbor) to acquire Huron Valley Bancorp, Inc. (Huron Valley 
State Bank) and intensify its presence in the attractive Oakland County market
• Brings more products, services, and resources to accelerate Huron Valley’s announced 
expansion and new location in Northville 
• All-cash transaction valued at $59.00 per share, or approximately $52 million in aggregate
• Combined bank will have approximately $3.8 billion of total assets
• Enhances Bank of Ann Arbor's growth opportunities and results in anticipated high singledigit EPS accretion before incorporating revenue synergies

Ann Arbor, Mich. – October 5, 2026 – Arbor Bancorp, Inc., the holding company for Bank of Ann Arbor (“Arbor”), and Huron Valley Bancorp, Inc., the holding company for Huron Valley State Bank headquartered in Milford, Michigan (“Huron Valley”) (OTC Pink: HVLM), today announced they have entered into a definitive agreement for Arbor to acquire Huron Valley in an all-cash transaction.

Under the terms of the agreement, shareholders of Huron Valley will receive $59.00 per share in cash for each share of HVLM common stock. This results in a deal value of approximately $52.1 million, subject to adjustment under certain circumstances. The transaction is expected to close late in the fourth quarter of 2026 or during the first quarter of 2027, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Huron Valley. Arbor anticipates supporting the transaction with existing capital and the transaction does not have any associated financing contingency. 

The combined organization will have approximately 360 employees across 21 locations in Washtenaw, Livingston, Oakland, and Western Wayne Counties and $3.8 billion in total assets. “We have been looking for strategic opportunities to deploy our excess capital and expand Bank of Ann Arbor’s growth-focus to deepen our presence in attractive nearby markets, and we believe we’ve found the right strategic partner with Huron Valley State Bank,” said Tim Marshall, Executive Chairman and CEO of Bank of Ann Arbor. “By bringing together two high-performing and likeminded community banks who share a commitment to serving their local communities, we will continue to provide individuals and businesses with excellent service and a full range of financial services. This acquisition provides us with a well-established footprint and customer base in Milford and Highland, and we intend to capitalize on Huron Valley’s investment and growth plans for Northville. We also look forward to bringing our full suite of products to our new customers, including equipment finance as well as trust and investment management services.” 

Bank of Ann Arbor, founded in 1996, consistently ranks as one of the top-performing banks both in Michigan and the U.S. For the 12 months ended June 30, 2026, Bank of Ann Arbor had a return on average assets of 1.87% and a return on average equity of 13.1%. Bank of Ann Arbor was named to the U.S.’s top 50 Best Banks to Work for by the American Bankers Association on three occasions and has previously been named by the Detroit Free Press as a Top Workplace in Michigan. Bank of Ann Arbor has been recognized as one of the Top Workplaces in Michigan and featured on Crain's Detroit Business Fast 50 list. UniFi Equipment Finance, a subsidiary of Bank of Ann Arbor, earned a spot in the Monitor Top 100 2026 rankings of equipment finance companies.

Bank of Ann Arbor has successfully acquired and integrated five financial services acquisitions,including: the Birmingham branch of Nicolet Bank in February 2022; First National Bank in Howell, Michigan in November 2021; Bank of Birmingham in Birmingham, Michigan in January 2017; New Liberty Bank in Plymouth, Michigan in May 2010; and UniFi Equipment Finance in Ann Arbor, Michigan in January 2013.

Huron Valley Bancorp, Inc. was established in 2005, and Huron Valley State Bank is a full-service community bank with three current offices and one newly planned office dedicated to providing exceptional service to its loyal customers in Oakland County and Wayne County. As of June 30, 2026, Huron Valley Bancorp, Inc. had approximately $292 million in assets, $243 million in loans, and $261 million in deposits. Huron Valley State Bank has been recognized as a Metro Detroit’s Best and Brightest Companies to Work For® (8 years) and a Top 200 Publicly Traded Community Banks and Thrifts by American Banker Magazine (2021, 2023, 2025).

Jack Shubitowski, President and CEO of Huron Valley State Bank stated, "Since our founding, our organization has remained committed to disciplined growth while consistently putting the needs of our customers and communities first. Partnering with Bank of Ann Arbor, a local institution that shares our philosophy and commitment to community banking, represents a natural next step in strengthening our franchise and positioning us for long-term success in an evolving financial services landscape."

Shubitowski continued, "The combination of our two well-established organizations will create meaningful opportunities for our customers by providing access to a broader range of banking products and services. We are particularly excited about the enhanced ability to support our customers' growth through Bank of Ann Arbor's larger legal lending limit, wealth management and trust capabilities, and expanded equipment financing solutions. Both companies share a deep commitment to relationship-based banking and delivering exceptional service, and together we will build upon those strengths."

"Most importantly, this partnership brings together two companies that share common values and a dedication to making a positive impact in the communities we serve. We are confident that the combined organization will continue that tradition while creating new opportunities for our customers, employees, and communities for years to come."

Jack Shubitowski will continue to serve with the combined bank to ensure a smooth transition following the conclusion of the transaction. Arbor was advised by the investment banking firm of Performance Trust Capital Partners, LLC and the law firm of Varnum LLP. Huron Valley was advised by the investment banking firm of Hovde Group, LLC and the law firm of Dickinson Wright PLLC.

About Bank of Ann Arbor: Bank of Ann Arbor is a locally owned and operated full-service commercial bank with total assets of approximately $3.5 billion and Trust and Investment assets under management of approximately $3.0 billion, serving people and businesses across 16 branches and 2 commercial loan offices across Washtenaw, Livingston, Oakland, and western Wayne Counties. UniFi Equipment Finance based in Ann Arbor has a national presence in the small ticket vendor leasing market. Bank of Ann Arbor is guided by one mission—to help. Help isn’t just a promise; it’s the driving force behind everything we do, from supporting individual financial goals to fueling vibrant communities for people to live, work, and thrive. For more information, visit www.boaa.com or follow Bank of Ann Arbor on Facebook, Twitter, and LinkedIn.

About Huron Valley State Bank: Founded in 2005 and headquartered in Milford, Michigan, Huron Valley State Bank is a full-service community bank serving individuals, families and businesses throughout Southeast Michigan. Locally owned, governed and managed, the bank offers personal and business banking, commercial lending, treasury management, mortgage services and digital banking solutions. Huron Valley State Bank is committed to personalized service, local decision-making and strengthening the communities it serves. For more information, visit www.hvsb.com or follow Huron Valley State Bank on Facebook or LinkedIn. Member FDIC. 

Forward Looking Statements

This press release contains forward-looking statements regarding expectations with respect to the merger. Forward-looking statements are not guarantees of future financial performance and are 
subject to risks, uncertainties and assumptions, including the risk that the parties may be unable to complete the proposed merger due to the failure to satisfy the various conditions to closing, including failure to obtain the required regulatory and shareholder approvals. As a result, actual results may differ from anticipated results.
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Bank of Ann Arbor Expands Further in Oakland County with Definitive Agreement to Merge with Huron Valley State Bank