Cadott, Wis.-based Citizens State Bank is acquiring the north-central Wisconsin-based Community Financial Bank.
By purchasing the Prentice, Wis.-based bank, Citizens State Bank will grow into a $220 million, seven-branch institution. The deal is expected to close in the first quarter of next year.
As of June 30, Citizens State Bank had $109 million in net loans and leases, $42 million in securities and $12 million in total equity capital. The $49 million Community Financial Bank had $32 million in net loans and leases and $49 million in total liabilities and capital.
“We are very excited about our expansion into these new markets,” said Citizens State Bank President and CEO Tim Cruciani. “Our team is ready to welcome our new customers and team members to Citizens State Bank. We were founded on and remain rooted in people. Community Financial Bank embraces similar values, and we look forward to sharing our customer/team centric approach to banking with them and the communities they serve.”