Columbus, Wis.-based Jewel Box Financial Services is acquiring Sauk City, Wis.-based Wisconsin River Bank in a capital stock deal.
The transaction is expected to close in the first quarter of next year. Terms of the deal were not disclosed. Jewel Box Financial Services is the holding company for Farmers and Merchants Union Bank.
Farmers and Merchants Union Bank is expected to enter two new central Wisconsin counties through the acquisition, while adding nearly $21 million in deposits to their market in Columbia. By acquiring the $182 million Wisconsin River Bank, Jewel Box Financial Services will grow to $687 million in assets with nine branches.
“Wisconsin River Bank has built a strong reputation over the last 30 years by consistently delivering superior service to customers,” said Timothy Schams, chair of River Holding Co., the La Crosse, Wis.-based holding company of Wisconsin River Bank. “Joining forces with FMUB presents a tremendous opportunity for our customers, employees, and the communities we serve.”
Inverness, Ill.-based investment banking firm Hovde Group was financial advisor to River Holding Co., while Sparta, Wis.-based law firm Arndt Buswell & Thorn S.C. was legal counsel. Washington, D.C.-based investment bank Olsen Palmer LLC was financial adviser to Jewel Box and Milwaukee-based legal firm Godfrey & Khan, SC served as legal counsel for the holding company.