Horicon, Wis.-based Horicon Bank and Grafton, Wis.-based Cornerstone Community Bank are merging to create a $1.5 billion financial institution.
Frederick Schwertfeger, CEO of the $1.2 billion Horicon Bank, said the merger benefits both Cornerstone customers and the bank’s local communities. “We are blessed to find such a complementary partner,” he said of Cornerstone Community Bank.
Paul Foy, president of the approximately $250 million Cornerstone Community Bank, shared similar sentiments. “We see Horicon Bank as having a similar family atmosphere for our employees,” he said. “They have a strong business banking function which will enhance our services to our customers.”
The combined organization will keep Horicon Bank’s “The Natural Choice” brand and have a $20 million legal lending limit.
For Horicon Bank, Reinhart Boerner Van Deuren S.C., Milwaukee, provided legal counsel and Performance Trust Capital Partners LLC, Chicago, was the financial adviser. Godfrey & Khan S.C., Milwaukee, served as legal counsel and Edelman & Co. Ltd. was the financial adviser to Cornerstone Community Bank.