Grasshopper Bancorp, Inc. Announces Completion of Grasshopper Bank’s Merger With Auto Club Trust, FSB
Grasshopper Bancorp, Inc. (“Grasshopper” or the “Company”) today announced the completion of its previously announced merger of its wholly owned subsidiary, Grasshopper Bank, N.A. (“Grasshopper Bank”), with Auto Club Trust, FSB (“Auto Club Trust”) in a cash and stock transaction.
Grasshopper Bancorp, Inc. and Auto Club Trust, FSB Announce Definitive Merger Agreement
Grasshopper Bancorp, Inc. (“Grasshopper” or the “Company”) and Auto Club Trust, FSB (“Auto Club Trust”) today announced that they entered into a definitive merger agreement pursuant to which the Company’s banking subsidiary, Grasshopper Bank, N.A. (“Grasshopper Bank”), will acquire Auto Club Trust in a cash and stock transaction. The transaction has been unanimously approved by the boards of directors of each company and, subject to customary closing conditions, including regulatory approval, is expected to close in the first half of 2025.
Grasshopper Bancorp, Inc. Names Michael Butler as Chief Executive Officer
Grasshopper Bancorp, Inc., (“the Company”) the parent bank holding company of Grasshopper Bank, N.A. (“the Bank”), a national banking association, announced that its Board of Directors has appointed Michael “Mike” Butler as President and Chief Executive Officer, and a Director of the Company, effective May 3, 2021. Upon receipt of and subject to regulatory approval, Mike will also serve as President and CEO and a Director of the Bank.
