ABBOTSFORD — AbbyBank will acquire all assets and assume all liabilities of State Bank pending the receipt of all required regulatory approvals, the Wisconsin banks announced this week.
The transaction will increase the Abbotsford, Wisconsin, bank’s total assets about $28 million, to roughly $533 million, according to the banks’ joint news release. Following the transaction, each of State Bank’s branch locations, one in Gresham and the other in Shawano, will be operated as branches of AbbyBank.
Financial terms of the deal will not be publicly disclosed.
“AbbyBank is excited about the opportunity to engage in this strategic transaction with State Bank,” said AbbyBank’s President Craig Stuedemann in the release. “AbbyBank looks forward to the opportunity to provide State Bank’s customers the outstanding products and service that AbbyBank’s customers have enjoyed since its inception in 1968.”
Neil Beckman, CEO of State Bank, said “State Bank looks forward to continuing to work with AbbyBank to bring this transaction to completion. AbbyBank is a great community bank, and the customers, employees and communities of Gresham, Shawano and the surrounding areas will continue to receive the great service they have come to expect from State Bank. We do not think we could have found a better partner in this transaction.”