Wisconsin’s Nicolet Bankshares has agreed to acquire local peer Choice Bancorp and its subsidiary Choice Bank in a deal worth around $72.4m.
Choice Bank has two branches in Oshkosh, Wisconsin.
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As per the agreed terms, shareholders of Choice will be entitled to get 0.5 share of Nicolet common stock for each share held.
The merged group will have $3.5bn in assets.
As part of the deal, Choice president and CEO Scott Sitter will move to Nicolet and assume the role of senior vice president and commercial banking manager of Oshkosh/Fox Valley.
Choice’s customer-facing staff will also be retained.
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By GlobalDataSitter stated: “In order to best serve our customers, we needed a partner to bring additional resources. Nicolet is a perfect fit.
“We are very similar when it comes to serving our customers and the community.”
The deal already obtained the green light of the two companies’ boards and is now subject to shareholder and regulatory nod.
It is anticipated to complete in the final quarter of this year.
Nicolet CEO and chairman Bob Atwell said: “This merger is about combining resources and people to help Oshkosh and the surrounding communities.
“Our goal is always better, not bigger.”
Nicolet Bankshares has made several acquisitions in the recent years to expand its local presence.
These include the takeovers of Baylake and First Menasha Bancshares.
