Oregon Community Bank, Oregon, Wis., announced Feb. 17 its plans to merge with Grand Marsh State Bank, Grand Marsh, Wis. When the merger is complete, Grand Marsh State Bank, with two locations operating roughly an one hour’s drive north of Madison, will be renamed Adams Community Bank.
The deal was approved by the banks’ boards in January and is awaiting regulatory approval, which is expected by the end of the second quarter.
Once the deal is done, Oregon Community Bank, will have $440 million in assets and employ 100 people across six banking locations.
“This is an exciting time for our bank, our staff, and our clients,” said Mike Cummings, president of Grand Marsh State Bank. With the banks’ combined resources, Cummings said the merger is an opportunity to bring new emotion and identity to the bank while upholding its legacy.
Shareholders of the former Grand Marsh bank will become shareholders of Oregon Community Bank, allowing the bank to remain locally owned. With the new name will come new office spaces, new online banking and mortgage technology, and the addition of client service staff, said Steve Peoter, CEO of Oregon Community Bank. “When two successful banks come together, the client experience and community support is enhanced.”