Brookfield, Wis.-based FFBW, Inc., has agreed to buy Mitchell Bank, Milwaukee.
The one-office Mitchell Bank has $49 million in assets and $17 million in loans. The bank had income of 210,000 in 2019 compared to $459,000 in 2018. It had negative return on assets of 0.02 percent in first quarter 2020 compared to 0.59 ROA a year prior.
“This acquisition provides a great opportunity for First Federal to expand further into the Milwaukee market near our Bay View branch,” said Edward H. Schaefer, president and CEO of the The acquisition will also provide us with core deposits to fund our continued growth. Our intention is to grow our franchise through organic growth and, if opportunities arise, acquisitions. We believe that the acquisition of Mitchell Bank is a nice first step in the execution of our business objectives.”
FFBW’s $278 million First Federal Bank of Wisconsin has four offices in the Milwaukee area.
Terms of the deal, expected to close in the fourth quarter, were not disclosed.
Luse Gorman, PC provided legal counsel to FFBW, Inc. and First Federal Bank of Wisconsin. Reinhart Boerner Van Deuren s.c. provided legal counsel to Mitchell Bank.