BROWN CITY, Mich. and MAYVILLE, Mich., May 7, 2026 /PRNewswire/ — Tri-County Bancorp, Inc. and Mayville Financial Corp. today announced they have entered into a definitive agreement for Mayville to merge into Tri-County.

Based in Brown City, Tri-County Bancorp is the holding company of Tri-County Bank, which has approximately $639 million in assets. Founded in 1889, the community bank employs 95 people in its headquarters and 12 locations in Michigan’s Thumb.

Based in Mayville, Mayville Financial is the holding company of Mayville State Bank, which has approximately $97 million in assets. Founded in 1885, the community bank has 25 people working in locations in Mayville and Millington.

Pending regulatory and Mayville Financial shareholder approval, the transaction is expected to close in the fourth quarter of this year. The combined bank, which will operate under the Tri-County brand, will have 14 locations and total assets of approximately $735 million.

No immediate changes are planned once the transaction is finalized. Mike Ford, who leads Tri-County as its president and CEO, will continue in this role in the combined organization.

“We see in Mayville State Bank a like-minded organization with the same commitment to stellar customer service that is at the core of Tri-County Bank,” Ford said. “We have both been in business for more than 130 years and share a passion for building strong relationships in the communities we serve.”

“This transaction will benefit customers by allowing us to offer more product offerings, larger loan limits and more convenient locations. Our employees will enjoy more professional opportunities for advancement. We’re eager to welcome Mayville State Bank customers and employees to the Tri-County family in the coming months and will do everything we can to ensure a smooth transition.”

Wegrzyn noted: “Mayville State Bank’s partnership with Tri-County is a great outcome for our shareholders, customers, employees and communities. As Mike noted, we share a like-minded culture and philosophy in how we serve our customers and play an active role in our communities. This transaction will ensure we can compete with larger financial institutions without losing any of the small town feel our customers have come to know and expect.”

Performance Trust Capital Partners LLC served as the financial advisor and Warner Norcross + Judd LLP served as the legal advisor to Tri-County Bancorp. Performance Trust delivered a fairness opinion to Tri-County Bancorp’s board of directors.

Donnelly Penman & Partners served as the financial advisor and Varnum LLP served as the legal advisor to Mayville Financial Corp. Donnelly Penman delivered a fairness opinion to the Mayville Financial board of directors.

About Tri-County Bancorp, Inc.
Tri-County Bancorp, Inc. opened its doors for business in 1889 in Brown City, Michigan. With its corporate headquarters located today in Brown City, Michigan, Tri-County Bancorp, Inc. had approximately $639 million in total assets as of March 31, 2026, and operates 12 full-service locations stretching across eastern Michigan. The bank’s mission is to provide quality customer satisfaction, foster employee camaraderie, and to support the communities we serve with our active involvement and economic support. For more information about Tri-County Bank, please visit www.tri-countybank.bank.

About Mayville Financial Corp.
Mayville Financial Corporation is a Michigan corporation and the bank holding company for Mayville State Bank, a Michigan-chartered commercial bank based in Mayville, Michigan. Mayville State Bank was founded in 1885 and operates 2 full-service locations in the central Thumb region of Michigan. As of March 31, 2026, Mayville State Bank had total assets of approximately $97 million. For more information about Mayville State Bank, please visit www.mayvillestatebank.com.

No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell or exchange any securities or a solicitation of any proxy, vote or approval, and there shall not be any such offer or solicitation in any jurisdiction in which such offer or solicitation is not permitted.

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