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.
Oak Ridge Financial acted as exclusive financial advisor to First American Bank.