Durand, Wis.-based Security Financial Services Corporations has agreed with Wisconsin Bank Services, Inc., to acquire its subsidiary Jackson County Bank, Black River Falls, Wis.
The $201 million Jackson County Bank, which was founded more than 140 years ago, has six locations in Black River Falls, Alma Center, Hixton, Taylor and Merrillan, Wis.
Jackson County Bank will merge into Security Financial Bank in the deal, which will create a $700 million bank with 11 branches in southern Wisconsin.
“Our respective boards and executive management teams share a common vision of this opportunity,” said Paul Rudersdorf, president and CEO of both SFSC and SFB. “We believe this acquisition will make both banks stronger. It will allow us to continue our superior standard of service and commitment to our communities while providing our clients with an expanded product suite and increased lending power in a larger geographic footprint.”
The acquisition has been approved by the boards of each company and each bank. It is expected to close late in the third quarter.
“This will combine two community banks in a manner that is in the best long-term interests of the customers, communities and employees of both banks,” said John Drace, president of Wisconsin Bank Services and Jackson County Bank. “Customers of each bank should enjoy expanded and enhanced services and products and the benefits of a larger branch network.”
Established in 1934, the $500 million Security Financial Bank has five offices in Bloomer, Durand, Eau Claire, Ladysmith and River Falls, Wis.