Oregon Community Bank is expanding into Adams and Marquette counties with the acquisition of Grand Marsh State Bank.
The merger is expected to become final by June 30, if regulators approve. Terms of the transaction were not disclosed.
Oregon Community Bank, founded in 1976, has two locations in Oregon, and a branch in Waunakee that opened in 2017. It had $314 million in assets as of Dec. 31, 2017, according to documents filed with the Federal Deposit Insurance Corp.
Grand Marsh State Bank began in 1915 and has branches in Grand Marsh and Adams, in Adams County, and Oxford, in Marquette County. The bank had $124.7 million in assets, as of Dec. 31, 2017. It is owned by Bosshard Financial Group of La Crosse.
When the merger is completed, the Grand Marsh State Bank locations will be known as Adams Community Bank and will be branches of Oregon Community Bank. Employees of Grand Marsh State Bank will keep their jobs and Oregon Community Bank will have a total of about 100 employees and plans to hire more, president and CEO Steve Peotter said.
Peotter said leaders of his bank are “incredibly optimistic” about community banking’s future 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,” Peotter said.
The combined bank will have nearly $440 million in assets.