State Bank of Cross Plains (SBCP), part of Wisconsin-based S.B.C.P. Bancorp, and Union Bank & Trust Company (UB&T), a unit of Wisconsin’s Union Bancorp of Evansville, have combined their businesses.
The merger took effect on 1 June 2019.
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The combined group has over $1.25bn in assets.
It has presence in 15 locations in Dane, Rock, and Green counties.
SBCP first announced plans to purchase UB&T this January in a cash-stock deal.
Before the consolidation, SBCP operated from 10 locations in Dane County.
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By GlobalDataFinancial terms of the transaction were not revealed.
Among the various services delivered by SBCP are consumer lending, crop insurance, wealth management, and financial advisory.
Commenting on the amalgamation, former UB&T president Steve Eager said: “I’ve known the leaders at SBCP for decades and have always respected them.
“When my family chose to reduce our level of involvement at UB&T, it gave us all peace of mind to know we could hand the reins over to another bank who also believes in growing local businesses and truly cares about helping the people and families who live and work in these communities.”
In the recent times, several community banks have consolidated operations.
The most recent is South Dakota-based CorTrust Bank, which announced plans to take over First Minnesota Bank.
Another recent deal is the acquisition of Presidio Bank by Heritage Commerce.
