This marker was presented to the Ypsilanti Savings Bank by the Historical Society of Michigan for over 100 years of service to the community. Since the Ypsilanti Savings Bank is no longer in existence the marker is hanging in the Ypsilanti Historical Society Archives.|
Ann Arbor News - August 1, 1987: Ypsilanti - The 100-year-old Ypsilanti Savings Bank announced Friday that it will merge its operations into Ohio-based Trustcorp Inc., the same company that bought out Ann Arbor's last locally-owned bank, Citizens Trust Bankcorp Inc., in May.
Worth $19 million, the deal calls for an exchange of 1.9 shares of Trustcorp common stock for each share of Ypsilanti Savings stock. The deal is expected to be completed by the end of the year.
"This is a very positive step for us," said James B. Pate, president and chief executive officer of Ypsilanti Savings. "It's definitely going to be a plus for our customers."
Word of the buy out by Trustcorp, a $4.6 billion tri-state financial services giant headquartered in Toledo, was released by George W. Haigh, Head of Trustcorp, and George H. Cress, chief executive officer of Citizens Trust Company of Ann Arbor. Trustcorp acquired Citizens Trust earlier this year in a $50 million deal that should be finalized this September. When that move is completed, Cress is scheduled to become chairman, president and chief executive officer of Trustcorp of Michigan.