East Wisconsin Savings Bank is acquiring Minnesota-based Lake City Federal Bank.
Following the merger, which is expected to close in the first half of 2023, the $370 million combined bank will operate seven branches in Outagamie County, Wis., and one branch in Wabasha County, Minn.
“This transaction is a merger of strong, customer-owned and highly-respected institutions,” said Charles Schmalz, president and CEO of East Wisconsin. “Both East Wisconsin and Lake City have a similar culture and take pride in our long traditions of outstanding customer service and community involvement. We are very pleased to have Lake City join the East Wisconsin family.”
East Wisconsin is a subsidiary of EWSB Bancorp, Inc., which is a part of member-owned Wisconsin Mutual Bancorp.. East Wisconsin Savings Bank has six full-service Wisconsin banking offices, in Kaukauna, Little Chute, Appleton, Freedom, Kimberly and Grand Chute.
Luse Gorman PC served as legal counsel for East Wisconsin Savings Bank. Ballard Spahr LLP provided legal counsel for Lake City Federal Bank.