Iowa’s TS Banking Group gaining a Wisconsin foothold by acquiring State Bank of Arcadia, Wis., from B&E Investments, Inc.
The $210 million State Bank has $89 million in net loans and leases, $188 million in deposits, four offices in western Wisconsin.
After the deal closes in the third quarter, State Bank will merge with TS Banking’s First National Bank and Trust Company, Clinton, Ill. The combined bank will have about $400 million in assets and five locations.
“State Bank of Arcadia shares many of the same qualities and values of TS Banking Group, which makes this a great fit for both organizations,” said TS Banking Group CEO Joshua Guttau. “The bank has been well-run with good credit quality, supportive of the community and has a team of experienced local employees.”
State Bank of Arcadia’s President and CEO, Kevin Manley, will continue to serve as join First National as market president for the Arcadia, Independence and Whitehall markets.
“As we look to the future and how to best serve our customers while staying true to our community banking roots, we made the strategic decision to find the right partner to provide broader financial services and technology tools that will be expected by our customers well into the future,” Manley said.
Reinhart Boerner Van Deuren S.C. and Oakridge Financial advised B&E Investments, Inc. on the transaction.
The $939 million TS Banking also operates the $394 million TS Bank in Treynor, Iowa, and the $342 million Bank of Tioga, N.D.