BERLIN,Wis.and POY SIPPI, Wis., Aug. 5, 2013 /PRNewswire/ -- 1st National Bank of Berlin and Baylake Bank today announced that they have entered into a Deposit Assumption Agreement whereby The 1st National Bank of Berlin (1st National Bank) will purchase approximately $26 million of deposits from Baylake Bank's Berlin and Poy Sippi offices located respectively in Green Lake and Waushara Counties in Wisconsin. Under the agreement, loans and other fixed assets will be retained by Baylake Bank. The transaction is subject to regulatory approval and is expected to be completed by November 8, 2013. Edelman & Co., Ltd. served as financial advisor for Baylake Bank on the transaction.
Upon conversion of the deposit accounts to 1st National Bank, Baylake Bank plans to close their physical banking locations at N4386 State Road 49 in Poy Sippi and 764 Broadway in Berlin, Wisconsin. The last day of operation at these two offices is anticipated to be November 8, 2013.
1st National Bank, headquartered in Berlin, Wisconsin, currently has banking offices in Berlin, Green Lake, Green Bay, Montello, Poy Sippi, Omro, Westfield, Waunakee, and Winneconne, and has $305 million in total assets. According to Thomas Jensen President and Chief Executive Officer (CEO) of 1st National Bank, he sees the purchase as an opportunity to combine resources, resulting in greater efficiency for the bank and added conveniences for the customers.
"Because Baylake Bank's core values and reputation align with our own, we know that the acquisition is a good fit for everyone involved. We are excited to welcome the new account holders to the 1st National Bank family and intend to make the transition seamless," said Jensen.
Baylake Bank, which has $945 million in total assets, is headquartered in Sturgeon Bay, Wisconsin and currently serves individuals and businesses from 22 community financial centers throughout Brown, Door, Green Lake, Kewaunee, Outagamie, and Waushara counties.
"We are excited to have found a community bank partner in 1st National Bank with an experienced staff of professionals who are committed to continuing a high level of customer service and already provide quality banking solutions to residents and businesses in and around Berlin and Poy Sippi," said Robert J. Cera President and CEO of Baylake Bank.
1st National Bank has been providing quality banking services since 1896. Within the last 10-years, 1st National Bank has expanded its geographical footprint to include nine Wisconsin communities. Their mission to fulfill the dreams of people, businesses, and communities, is met through providing innovative financial solutions. For more information about 1st National Bank, visit their online branch at www.FirstNationalBanks.biz. Member FDIC.
SOURCE Baylake Bank
