Baylake Corp. (BYLK) in Sturgeon Bay, Wis., has agreed to sell $26 million in deposits from two branches to 1st National Bank of Berlin in Wisconsin.
The $945 million-asset Baylake will keep the loans held at the branches, which are located in Berlin and Poy Sippi, Wis. The $305 million-asset 1st National expects to complete the transaction by Nov. 8. The purchase price was not disclosed.
Baylake also plans to sell the physical locations after converting the deposit accounts, though it did not identify a buyer.
"Because Baylake Bank's core values and reputation align with our own, we know that the acquisition is a good fit for everyone involved," Thomas Jensen, 1st National's president and chief executive, said in a press release Monday. "We are excited to welcome the new account holders to the 1st National Bank family and intend to make the transition seamless."