Local Community Banks Agree to Merge
(MONONA, Wis.) – Monona State Bank announced today that it is expanding its bank and team of experienced bankers by acquiring the holding company for Middleton Community Bank.
“This merger makes sense because both banks are locally owned and focused on their communities,” Monona State Bank President Paul Hoffmann said. “We’ve always believed that there is strength in neighbors. We look forward to joining together to offer more services to all of our customers.”
The holding companies of the banks signed a binding agreement on July 28, 2016. The merger requires shareholder and regulatory approval.
The signing of the final closing documents will occur in the fourth quarter of 2016, and integration of the two banks is expected to be completed by the summer of 2017.
Monona State Bank will continue to operate the Middleton Community Bank locations in Middleton, Cross Plains, Belleville, Sauk City and Brooklyn. The combined bank will employ over 150 associates in nine locations. The two banks will have a combined $775 million in assets, giving them more opportunities to compete and grow.
Monona State Bank’s headquarters will remain in Monona. The merger allows the banks to stay locally owned and save jobs with no anticipated layoffs.
About Monona State Bank (www.mononabank.com)
Monona State Bank is a locally owned and managed bank that believes “together, we prosper.” Founded in 1991, it is committed to making communities great places to live, work and raise a family. Monona State Bank has grown to about $475 million in assets with two locations in Monona, and one each in Madison and Cottage Grove.
About Middleton Community Bank (www.middletonbank.com)
Middleton Community Bank has about $300 million in assets while serving more than 10,000 accounts since opening in 1995. Its mission is to provide quality products and personal service to customers in Middleton, Belleville, Brooklyn, Cross Plains, Sauk Prairie and surrounding communities in South Central Wisconsin.