First American Bank, headquartered in Hudson, Wis, has entered a definitive agreement to sell to Lake Shore III Corporation, headquartered in Glenwood City, Wis.
First American Bank is approximately $124 million in assets and has one location in Hudson. It has deposits of $103 million as of Dec.31, 2018, up from $99 million a year prior. It has total loans and leases of $107 million, up from $100 million, largely in real estate loans.
Lake Shore III is the holding company for Hiawatha National Bank, Hager City, Wis., with assets of approximately $210 million and Union Bank of Blair, Wis., with assets of approximately $108 million. Hiawatha National has five branches in western Wisconsin, and Union Bank has one office in Blair.
Jim Meisser, President and CEO of Hiawatha National, acquired the bank in 2009 after a 25-year career with the FDIC. Lake Shore III bought Union Bank five years later.
Oak Ridge Financial acted as exclusive financial advisor to First American Bank.