Gresham’s only locally-owned bank, MBank, nearly closed, until it found a major investor to take control.
Gresham’s only locally-owned bank, MBank, nearly closed, until it found a major investor to take control.
Alexander “Zan” Hamilton of Lake Oswego will recapitalize the bank by buying $20 to $30 million in stock.
If state and federal regulators agree and shareholders approve, the agreement is expected to culminate this fall. Over the next two years MBank will turn over management and board control to Hamilton and his investment group.
But the bank will live on.
Locally owned community banks come and go cyclically. Successful ones are often eventually bought by regional banks or other, more aggressive community banks — returning a handsome investment to their original stockholders and creating new openings for more small, community-oriented banks in the marketplace.
Read more at OregonLive.com.
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