Baylake Corp. (BYLK) in Sturgeon Bay, Wis., has agreed to buy a branch from Community Bank & Trust in Sheboygan, Wis.
Baylake's bank will also buy certain fixed assets and $14 million in deposits tied to a branch in Appleton, Wis. Community Bank, a unit of the $530 million-asset Community Banc-Corp of Sheboygan, will keep most of the loans. The companies did not disclosed the price.
"Our expansion into Appleton... supports Baylake's strategy to build our presence in key metropolitan markets," Robert Cera, Baylake's president and chief executive, said in a press release. "We look forward to continuing the fine service and capabilities Community Bank & Trust has established in this market. This transaction offers the opportunity to integrate the branch with our operational capabilities and to expand this location's particularly strong business banking and wealth management opportunities."
Baylake had $983 million in assets at Sept. 30.
