Wisconsin’s Charter Bank is buying a branch from Bank First, Manitowoc, Wis., which will retain loans from the Chetek, Wis., office. The branch had $35 million in deposits as of June 30, 2019.
“We are very pleased to have this opportunity to expand into Chetek,” states Paul Kohler, president and CEO of Charter Bank. “This will be Charter Bank’s first location in Barron County, but this is familiar territory for us.
The $1 billion Charter is headquartered in Eau Claire, about 40 miles south of the branch. It also has two offices in Minneapolis’ southwest suburbs.
“We are delighted to have found a friend and partner in Charter Bank,” stated Mike Molepske, CEO of Bank First. “With its headquarters in Eau Claire, Charter Bank will be able to provide personalized service to Chetek and the surrounding communities and can better support the dedicated team of bankers in the Chetek branch.”
The $2.6 billion Bank First is headquartered in the Milwaukee area and will have 24 other offices in the state after the deal closes later this year.
Winthrop & Weinstine PA served as legal counsel and Hovde Group, LLC served as financial advisor to Charter Bank in this transaction. Alston & Bird LLP served as legal counsel to Bank First.