2 Michigan Banks to Merge in $552-Million Stock Swap

DETROIT — First of America Bank Corp. said Thursday that it will take over Michigan rival Security Bancorp Inc. in a $552-million deal that would put it among the nation’s 35 largest banks.

First of America, with headquarters in Kalamazoo, said the merger, which will be accomplished by a stock swap, was valued at $552 million, based on a price of $40.50 for each share of Security Bancorp.