Waupaca, Manitowoc banks merge in Wisconsin

Bank First National, Manitowoc, Wis., has received regulatory approval to merge the $176 million First National Bank of Waupaca, Wis., into its organization.

Mike Molepske, president and CEO of the $1.3 billion Bank First National, said the approval’s timing couldn’t be better. “The transition teams have been working diligently,” Molepske said.

The merger of the two organizations is scheduled for the end of October and First National’s Waupaca, Weyauwega, Clintonville, Iola, Seymour and Chetek branches will open as Bank First branches. First National’s branches in Shiocton and Marion will be closed.

“We followed up the most profitable quarter in the bank’s history during the first quarter of 2017 with an even stronger second quarter,” Molepske told bank investors in July. “This strong performance through the first half of 2017 positions us well for the integration of operations in our new markets.”

Community Development Bank buys branch

Community Development Bank, Ogema, Minn., announced it will purchase the St. Michael, Minn., branch of First American Bank, NA., Hudson, Wis. The St. Michael branch will be Community Development Bank’s first location in the Twin Cities metropolitan area, giving it access to the north suburban market.

“We have been looking for an opportunity in the Twin Cities for some time and this transaction contains many of the elements we desire in a transaction, including a strong staff,” said Dale Sandahl, president of Community Development Bank, which closed 2016 with $75.9 million in assets. In addition to it’s Ogema headquarters, Community Development Bank has a branch in Hancock, Minn.

The sale is expected to close in the third quarter, subject to regulatory approval.

First American Bank, with assets of $176.2 million, was founded 10 years ago. Following the sale, it will continue to operate a loan production office in Burnsville, Minn., in addition to its main office in Hudson. First American Bank President and CEO John Malmberg said First American Bank will focus future growth efforts in the eastern metro area of the Twin Cities.

Oak Ridge Financial of Golden Valley, Minn., was exclusive financial advisor to First American Bank in the transaction.

Community Development Bank was founded in 1906 and purchased by three non-profit community development corporations in 2001. A for-profit financial institution owned by non-profit community development corporations is unique.