Green Bay, Wisconsin based Nicolet Bankshares, the parent of Nicolet National Bank, has agreed to acquire Neenah, Wisconsin-based First Menasha Bancshares and its wholly owned banking subsidiary, The First National Bank- Fox Valley in a deal worth about $76.6m.
The combined group would include total assets of $2.7bn, deposits of $2.3bn and loans of $1.9bn.
As per the terms of the merger deal, shareholders of First Menasha would receive $131.50 per share in cash or 3.4 shares of Nicolet stock.
Nicolet said that the acquisition will expand its presence in the Fox Valley and expand into Neenah, Menasha, and Oshkosh markets.
Nicolet CEO and chairman Bob Atwell said: "We continue to grow in the areas where we can make an impact. We have known FNB-Fox Valley for some time and respect their commitment to community banking. We are pleased to welcome them to the Nicolet family."
The deal has already secured the approval of the board of directors of both companies, and is now subject to First Menasha shareholders’ and regulatory approvals.
Upon completion of the transaction, which is anticipated in the second quarter of 2017, all branch offices of FNB-Fox Valley will open as Nicolet National Bank branches and Nicolet's existing branch at 2400 S. Kensington Drive in Appleton will shut down.
Nicolet also plans to appoint two members of First Menasha's existing board of directors to the boards of directors of Nicolet and Nicolet National Bank after deal closing.
FNB-Fox Valley president and CEO Peter Prickett said: "The combined institution will be the largest community bank in each of the Green Bay and Fox Cities markets and provides the size and scale needed today to provide stability, depth of resources, and great value to our customers, communities, and shareholders."