Greenwoods Financial Group, Lake Mills, Wis., has agreed to buy Fox River Financial, Burlington, Wis.
The $198 million Greenwoods State Bank has five branches in south central Wisconsin. The $95 million Fox River State Bank has two branches in southeastern Wisconsin.
“Fox River State Bank is a natural extension of our existing community banking organization and represents a unique opportunity to expand our market through joining with a well-established financial institution with a strong presence in Burlington and surrounding communities,” said Bill McDonald, president and CEO of Greenwoods Financial. “This location is a natural fit with our strategy of operating a community bank focused on meeting local needs.”
Fox River president and CEO Keith Pollek will take on the title of executive vice president and market president for southeastern Wisconsin. Pollek and Fox River director Craig Faust also will join the Greenwoods board.
“As part of the Greenwoods team, we will continue to provide the highly personalized experience our clients have come to expect while providing these clients with an expanded suite of products and services,” Pollek said. “This partnership will be a long-term benefit to our clients and the communities we serve.”
The combined company will have approximately $270 million in assets and seven branches in south central and southeastern Wisconsin.
Financial terms of the deal were not disclosed.