Merger of Equals

Monona Bank and State Bank of Cross Plains announced on March 15th, 2022, that our banks will be merging. This Merger of Equals will provide significant benefits to clients of both banks:

  • More locations – our new bank will have more than 20 offices throughout South-Central Wisconsin.
  • Enhanced deposit account and service offerings.
  • Increased business loan capabilities.

Integrating our two financial institutions requires significant planning and execution. While we expect the merger to be fully approved in the third quarter of 2022, our conversion into our new bank will not occur until approximately the Spring of 2023. In the meantime, we do not expect you will see many changes to how you currently bank with us—and you can continue interacting with your current bank just as you do now.

Most importantly, clients will continue to receive the same high-quality service from many of the same knowledgeable associates they have come to expect. We will work hard to minimize any inconvenience to our clients. We will also share more details about our merger as they are finalized. Our new bank will continue to take the guiding principles of community banking very seriously. To that end, we will continue to play an active role in supporting all 17 community locations our new bank will serve to help make them great places to live, work and play.

Let Us Answer Your Questions

Why are the banks merging and what are the benefits of the merger?

Our banks have been friendly competitors for many years and have worked together on many deals and community events as well as supporting many of the same organizations. We  know each other quite well, and both organizations see tremendous synergies in combining their respective strengths into a single, larger, more competitive, community-focused financial institution. As a larger bank, we will have access to additional products and services which will allow us to better serve the needs of our clients, associates, shareholders, and communities.

What size will the new bank be?

State Bank of Cross Plains currently has more than $1.6 billion in assets with 250 associates and 14 locations. Monona Bank has assets of $1.2 billion, with 165 associates and nine locations. When our merger is completed in the Spring of 2023, our new bank is expected to have nearly $3 billion in assets, with more than 20 locations in 17 communities throughout South-Central Wisconsin. Our new bank will be the largest locally owned community bank in South-Central Wisconsin and the 6th largest bank in the State of Wisconsin.

Will the name of the bank change?

Yes, we are currently working on a new bank name that better reflects the combined strengths and future of our new bank. We will begin using this new name when the two banks are fully integrated and operating as one company.

Tell me how this merger will impact me?

For the time being, you will see very little or no impact due to our merger. In fact, you will continue to interact with your current bank as you always have, using the same technologies and locations. Once we have completed the merger, you will have access to the same extraordinary service and knowledgeable associates as you do now. Depending on your relationship with our banks, you may have more products and services available to you, and more locations to choose from.

Will I be able to continue to work with the same staff?

Providing the highest possible level of service is a top priority for both of our banks. We will work hard to ensure clients continue to see the same knowledgeable and friendly associates, as well as receive the same extraordinary service they’ve come to expect from our banks. We realize our associates are one of our biggest assets. As a larger bank, we will be able to offer our associates new opportunities and expect some associates will be able to move to new positions based on their interests and skills, so you may see some new faces as we move forward.

Will I still be able to use the same locations I do now

Yes, in fact you will need to continue to use your current bank’s locations until our conversion is completed in Spring 2023, since each bank currently uses a different core system.

Will any Monona Bank or State Bank of Cross Plains offices be closing?

All offices will remain open at this time. However, we will be looking at potential duplication of offerings resulting from our merger as we move forward. We are excited about the opportunity this merger gives us to be part of and serve the financial needs of 17 communities as we move forward.

Will my accounts or anything change before the merger is finalized?

No, not for the time being. In fact, until we complete the integration of our core systems in Spring 2023, we do not anticipate most clients will see any changes to the way they currently bank with us. As we work through integrating our organizations and systems, we will communicate any changes to your accounts or how you will interact with our bank well in advance. However, as we merge our systems, we anticipate your account numbers and specific account types may change as we streamline our product offerings. Again, we assure you we will do everything possible to ensure minimal disruption to your banking, and we will always communicate any changes happening with your accounts well before they occur.

Is it possible to be the largest community bank in the area and still community-focused?

Yes! In fact, one of the biggest reasons we are excited about our merger and the fact that we will become the largest community bank headquartered in South-Central Wisconsin, and we will be able to provide our clients with even more products and services from even more locations. And rest assured, even though we will be larger, our commitment to our 17 communities will not change. Our bank and associates will continue to be integral and active members in of the communities we serve. Being larger also means we will be able to participate in larger loans and have access to new products to help our region’s communities and clients prosper. In short, this merger allows our banks to continue to be even more community-focused, not less.

What are the milestones for this merger and when will it be completely finalized?

While the board of both banks recently signed the initial agreement (the Definitive Agreement) to merge our banks, there is a lot of work that still needs to be done. We still need to obtain several regulatory and shareholder approvals before we can move forward with all the behind-the-scenes work. While we do not have a definite timeline for these approvals yet, we anticipate this will be a smooth process and we will have all necessary approvals completed by this Fall. One of the first decisions we need to make is what we will call our new bank and its holding company. If everything goes as well as we expect, we will finalize our conversion and begin operating as one newly merged bank (under our new name) in the Spring of 2023. Until then, you can continue to interact with your current bank just like you do today.

How will customers be guided through the merger process?

Our bank understands the importance of keeping our clients and communities “in the loop” regarding as we move forward, and we will be sharing more merger information with you as any changes and decisions are made.

    • As we get closer to our final system conversion, all clients will receive a “Conversion Booklet” with everything you need to know about any changes to your accounts and how you will interact with our new bank.

Where can I learn more about Monona Bank or State Bank of Cross Plains?

For more information about our two banks, please visit our websites at: or You can also check out the social media accounts of both banks to get a better feel of both our respective commitments to our communities as well as philosophies of doing business.

    • We will also be sharing more merger information with you as decisions are made.
    • As we get closer to our final system conversion, all clients will receive a “Conversion Booklet” with everything you need to know about any changes to your accounts and how to bank with our new bank.
    • Of course, you can always ask your banking advisor if you have questions about our merger plans as well.

Where are Monona Bank and State Bank of Cross Plains currently located?

Monona Bank is currently headquartered in Monona, WI and has nine locations in and around Dane County. State Bank of Cross Plains is currently headquartered in Cross Plains, WI (outside of Middleton) and has 14 locations in South-Central Wisconsin. At this time, we do not know where our new bank will be headquartered, other that we know it will be in the Madison area.

How much experience do these banks have?

State Bank of Cross Plains has been providing financial services in the Dane County area for more than 115 years (founded in 1908). Monona Bank has just over 30 years (founded in 1991) of experience assisting our communities with all their financial needs.