Eastern Michigan Financial Corporation (OTCPK:EFIN) entered into an agreement to acquire Ruth Bank Corporation from the Zinger family for $8.2 million on November 5, 2015. As part of the consideration, Eastern Michigan will acquire 0.03 million shares for $8.2 million in cash. Under the terms of the agreement, Eastern Michigan will assume all of the assets, liabilities, and equity of Ruth in an all cash transaction.

As part of the acquisition and integration of Ruth State Bank, Eastern Michigan will be closing and consolidating its Minden City branch into the Ruth branch. The transaction is pending regulatory approval and other customary closing conditions. The transaction will be completed sometime in the first quarter of 2016.

The transaction will generate only a nominal intangible on Eastern Michigan's balance sheet. For 2017, Eastern Michigan expect the transaction to be accretive to earnings by $0.35 per share. Mike Kelley of Frohm, Kelley & Butler, P.C. acted as accountant to Eastern Michigan.

Craig Mancinotti of Austin Associates LLC acted as financial advisor to Ruth Bank.