Brighton, Mich.-based Lake Trust CU intends to purchase the Hastings branch from Grand Rapids-based Mercantile Bank of Michigan.

The branch is located at 1500 W M 43 Hwy. The agreement includes the 4,300-square-foot branch footprint and all associated assets including approximately $16 million in deposits, according to the news release.

The deal is expected to close in early 2021.

Lake Trust CU, which currently operates a branch in Hastings at 209 N. Church Rd., will shift that branch's operations to the new location.

ProBank Austin is serving as financial adviser and Dickinson Wright PLLC is serving as legal counsel to Mercantile Bank. Honigman LLP is serving as legal counsel to Lake Trust CU.

Lake Trust CU had approximately $2.17 billion in assets as of Sept. 30, while Mercantile Bank has assets totaling approximately $4.30 billion as of June 30, according to S&P Global Market Intelligence data.