STURGIS, MI (WTVB) – Sturgis Bancorp, Incorporated has announced net income of $1.5 million for the first quarter of 2020.
Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company and its subsidiaries Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Oak Insurance Services, LLC, and Oak Title Services, LLC.
It has banking centers in Bronson as well as in Sturgis, Bangor, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon.
Sturgis Bancorp says net income increased 45 percent during the first quarter of 2020 compared to the first quarter of 2019 primarily due to mortgage banking activities, the Bank maintained strong capital ratios and the total assets increased 12 percent to $530.5 million.
