Fond du Lac’s National Exchange Bank & Trust is picking up a pair of branches from Wisconsin Bank & Trust, Madison.
The branches, in Elkhart Lake and Chilton, had combined deposits of about $44 million as of June 30.
All current employees in the two branches have been offered employment with National Exchange. The bank’s Elkhart Lake office will be combined into the current Wisconsin Bank & Trust facility, which will allow for the addition of drive-up services for current National Exchange Bank & Trust customers. The Chilton office will remain open as a National Exchange Bank & Trust office.
“These two offices will be a natural fit with the geographic footprint and culture of National Exchange Bank & Trust, and we look forward to further building relationships in the Chilton and Elkhart Lake communities,” said Eric Stone, CEO of the $1.8 billion National Exchange Bank & Trust. “We extend a warm welcome to the Wisconsin Bank & Trust branch customers and employees to our organization.”
National Exchange has more than 30 branches, mostly in southeastern Wisconsin.
The $1 billion Wisconsin Bank & Trust, a subsidiary of Dubuque, Iowa-based Heartland Financial USA, opted to sell the branches in order to focus on growth plans in other markets, said President Curtis Chrystal. “Reaching this agreement with a community bank such as National Exchange makes the most sense for our customers,” he said.
The deal is expected to close in the first quarter, and leaves Wisconsin Bank & Trust with 16 branches.