Sturgis Bancorp, Inc. Declares Bank Charter Change
STURGIS, Mich., Aug. 28, 2020 (GLOBE NEWSWIRE) — Sturgis Bancorp, Inc. (OTCQX: STBI) today announced that its subsidiary Sturgis Bank & Trust Company (Bank) converted its charter. The Michigan Department of Insurance and Financial Services granted the charter conversion from a State Savings Bank to a financial institution existing and operating under the provisions of the banking code of 1999. The conversion was effective August 20, 2020.
Eric L. Eishen, President/CEO of Sturgis Bancorp Inc. and the Bank, stated, “This conversion better reflects the Bank’s current operations. The Bank was founded in 1905 as a Building and Loan Association. Over the years, the Bank has utilized several charters based on the business model and operations. The Building and Loan converted to a State Chartered Savings and Loan, Federal Savings and Loan, Federal Savings Bank, and most recently a State Savings Bank. The State Savings Bank charter has served the Bank well for many years. After years of industry consolidation, the Bank was the only remaining institution chartered under Michigan’s State Savings Bank Act. The Charter was flexible enough to allow the Bank to add several ancillary operations. However, this conversion to a commercial bank charter positions the Bank to continue operations and be recognized as a commercial bank versus a thrift.”Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Oak Insurance Services, LLC, and Oak Title Services, LLC. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, MI. The Bank also has loan production offices in Portage and St. Joseph, Michigan. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Oak Insurance Services offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.For Sturgis Bank & Trust Company updates, visit www.sturgisbank.com.This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.Sturgis Bancorp, Inc. – Eric Eishen, President & CEO, or Brian P. Hoggatt, CFO P: 269 651-9345
Eric L. Eishen, President/CEO of Sturgis Bancorp Inc. and the Bank, stated, “This conversion better reflects the Bank’s current operations. The Bank was founded in 1905 as a Building and Loan Association. Over the years, the Bank has utilized several charters based on the business model and operations. The Building and Loan converted to a State Chartered Savings and Loan, Federal Savings and Loan, Federal Savings Bank, and most recently a State Savings Bank. The State Savings Bank charter has served the Bank well for many years. After years of industry consolidation, the Bank was the only remaining institution chartered under Michigan’s State Savings Bank Act. The Charter was flexible enough to allow the Bank to add several ancillary operations. However, this conversion to a commercial bank charter positions the Bank to continue operations and be recognized as a commercial bank versus a thrift.”Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Oak Insurance Services, LLC, and Oak Title Services, LLC. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, MI. The Bank also has loan production offices in Portage and St. Joseph, Michigan. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Oak Insurance Services offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.For Sturgis Bank & Trust Company updates, visit www.sturgisbank.com.This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.Sturgis Bancorp, Inc. – Eric Eishen, President & CEO, or Brian P. Hoggatt, CFO P: 269 651-9345
