(Oregon, Wis.) - Oregon Community Bank announces that it is expanding its organization and team of talented bankers by acquiring Grand Marsh State Bank via a merger of both organizations. The merger is expected to close by June 30th, 2018 and is pending regulatory approval.
Both organization's shareholders and Boards of Directors approved the merger plan in January 2018.
"This merger is a great fit for both organizations. Each bank is built around exceptional client experience created by a talented team of banking professionals." Steve Peotter, President and Chief Executive Officer of Oregon Community Bank stated.
"This is an exciting time for our bank, our staff, and our clients. We are seizing this strategy to signal a new emotion and energy to our identity while still honoring the authentic legacy and history of the past," Mike Cummings, President of Grand Marsh State Bank stated.
After the merger is completed, all current Grand Marsh State Bank locations will be relaunched as Adams Community Bank. As the new name indicates, the focus will be on bringing additional services to the local communities and will be branches of Oregon Community Bank.
"Our organizational leadership is incredibly optimistic about the future of community banking in Wisconsin. While other financial institutions are closing locations and laying off personnel, we are investing and growing to meet the needs of our current and future clients," stated Peotter. "As part of this merger, we will be reinvesting across the board and growing to meet the needs of the community."
Plans include remodeling of existing offices, hiring additional client service staff and introducing new technology - including mobile banking and online mortgage applications, amongst others.
The combined bank will employ approximately 100 individuals in 6 locations. Waunakee Community Bank, a branch of Oregon Community Bank, was opened in 2016 and is located in Waunakee, Wisconsin. The combined organization will have approximately $440,000,000 in assets.
"With our combined resources, we see exceptional times ahead for our organization and our communities," added Cummings.
The merger allows the bank to stay locally owned as all current Grand Marsh State Bank shareholders will become shareholders of Oregon Community Bank.
"When two successful banks come together, the client experience and community support is enhanced," added Peotter. We believe in Wisconsin and we believe in the future. It only gets better."
About Oregon Community Bank (www.oregoncommunitybank.com)
Oregon Community Bank, a $315 million community bank established in 1976, is a modern, progressive, forward leaning institution that offers a full range of personal and business financial services including consumer, real estate, and business lending. Oregon Community Bank has three locations near Madison and currently operates as Oregon Community Bank and Waunakee Community Bank. Waunakee Community Bank and the new Adams Community Bank offices are branches of Oregon Community Bank. The bank is consistently rated as a 5 Star institution by independent bank rating organizations.