NEW BERLIN, Wis., July 13 /PRNewswire-FirstCall/ -- Merchants & Manufacturers Bancorporation, Inc. (BULLETIN BOARD: MMBI) ("Merchants"), today announced a definitive agreement to sell our subsidiary bank in Iowa, Fortress Bank of Cresco, to Security Agency, Inc., the holding company for Decorah Bank & Trust Company of Decorah, Iowa. The sale is consistent with the strategic initiatives announced on May 7th and is separate from the pending sale of Merchants to Harris Bankcorp, Inc. which was announced on July 10. The sale of Fortress Bank of Cresco is expected to close in the 4th quarter of 2007 pending regulatory approval.
Michael J. Murry, Chairman, stated "We believe the sale of Fortress Bank of Cresco to the Decorah Bank and Trust Company organization will be good for the clients and employees of the bank as well as for the community of Cresco."
Merchants & Manufacturers Bancorporation, Inc. is a financial holding company headquartered in New Berlin, Wisconsin, a suburb of Milwaukee. Through our Community Financial Group network, we operate six banks in Wisconsin (Community Bank Financial, Fortress Bank, Grafton State Bank, Lincoln State Bank, The Reedsburg Bank and Wisconsin State Bank) and one bank in Iowa (Fortress Bank of Cresco). Together, our banks operate 46 offices in the communities they serve with more than 100,000 clients and total assets of $1.5 billion. In addition to traditional banking services, our Community Financial Group network also provides our clients with a full range of financial services including investment and insurance products, residential mortgage services, private banking capabilities and tax consultation and tax preparation services. Merchants' shares trade on the OTC Bulletin Board under the symbol "MMBI."
Certain statements contained in this press release constitute or may constitute forward-looking statements about Merchants which we believe are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
This release contains forward-looking statements concerning Merchants' prospects that are based on the current expectations and beliefs of management. When used in written documents, the words anticipate, believe, estimate, expect, objective and similar expressions are intended to identify forward-looking statements. Additional forward-looking statements relate to the elements of Merchants' strategic plan and the implementation of such elements. The statements contained herein and such future statements involve or may involve certain assumptions, risks and uncertainties, many of which are beyond Merchants' control, that could cause Merchants' actual results and performance to differ materially from what is expected. In addition to the assumptions and other factors referenced specifically in connection with such statements, the following factors could impact the business and financial prospects of the Merchants and its ability to successfully implement its strategic plan: the satisfaction of the closing conditions for the sale of Fortress Bank of Cresco, including regulatory approval, and risk that the transaction does not close; general economic conditions; legislative and regulatory initiatives; monetary and fiscal policies of the federal government; deposit flows; disintermediation; the cost of funds; general market rates of interest; interest rates or investment returns on competing investments; demand for loan products; demand for financial services; changes in accounting policies or guidelines; changes in the quality or composition of Merchants' loan and investment portfolio; and Merchants' ability to complete the proposed sale of Fortress Bank Cresco and the terms of such transaction if completed. Such uncertainties and other risk factors are discussed further in Merchants' filings with the Securities and Exchange Commission. Merchants undertakes no obligation to make any revisions to forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release.
