Two OMP Residents to Launch New Bank – Grand Traverse State Bank

When I met up with Gregg Bigger at Mission Proper this week, I knew immediately that my son Will was right. Gregg is a friend of Will’s (I’ve lived here 65 years, and Will knows more people than I do) and told me that Gregg is the most un-bankerly person you’d ever meet — and he’s right.

When you think “banker,” you probably think of some stuffy guy in a business suit carrying a brief case full of very important papers, right? I mean, Gregg might actually have a brief case that’s indeed full of very important papers, but I didn’t see it at Mission Proper.

You’d never know that Gregg, who lives on the Old Mission Peninsula, is about to open a bank in Traverse City. Not only that, but he’s also partnering with another OMP resident, Rob Farr, to do it.

Both have strong backgrounds in bank and business stuff, but Gregg and I mostly talked about how cool it is to live on the OMP and hang out with other OMPers.

Here’s the Scoop on the Bank…

Gregg and Rob are getting ready to launch Grand Traverse State Bank (GTSB), which is set to open in early 2026. Loan production operations have already begun, and the first branch will be right in downtown Traverse City.

GTSB is owned by GTSB Financial, Inc., a Traverse City–based holding company. Gregg is the Executive Chairman and CEO of this holding company. While investors come from across Michigan, most of them are locals from the Grand Traverse area.

At its core, GTSB is a community-focused bank. Gregg and Rob want to bring back relationship-based banking — the kind where you actually know your banker — while also helping to fuel the economic growth of Northern Michigan.

Sign me up for a bank where I actually know the people who are running it. Something tells me that once I open an account there — which I no doubt will — I could just text Gregg if I had any questions and he would text right back.

The Oldest Bank in Michigan

Rather than starting a brand-new bank from scratch — a process that can take years because of strict regulations and high capital requirements — Gregg decided to acquire the oldest bank charter in Michigan and recruit Rob Farr to help him run it.

That oldest bank charter in Michigan? That’s the First State Bank of Decatur — established way back in 1870 — which Gregg is now expanding into Traverse City as Grand Traverse State Bank.

This smaller bank, with about $54 million in assets, gives them a big advantage: it speeds up regulatory approval, lowers capital risk, and creates a quicker path to profitability.

Experts describe this as a “hybrid” — part acquisition, part recapitalization. This creative approach lets them launch and grow more quickly under an existing bank charter, while avoiding the long delays of a traditional new-bank (“de novo”) approval process.

With all of our history here on the Old Mission Peninsula (did you know that our still-operating Old Mission Post Office was the first post office in Michigan?), I think we can all get onboard being part of the oldest bank in Michigan.

About Gregg and Rob

Gregg Bigger grew up in Michigan, where his family roots run deep. His connections in Benzie County go back several generations.

He also served in the U.S. Marine Corps infantry and special operations, specializing in amphibious and mountain warfare.

After serving in the Marines, Gregg built a 33-year career in finance that took him across the country. In 2004, he founded The Bank of Santa Barbara in California, one of two community banks he has helped to create. Later, he became Chairman and CEO of a private equity–backed oil and gas company with operations on three continents.

Now, after years of experience in both banking and business leadership, Gregg has come full circle — returning to his home state to help launch a new community bank here in Northern Michigan.

To open GTSB, Gregg recruited seasoned bank veteran Rob Farr, who now serves as President and CEO of First State Bank of Michigan. Rob was the founder and CEO of the former Bank of Birmingham and later served as Chairman and CEO of MI Bank.

Gregg and Rob, we look forward to watching you launch and grow GTSB!

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