Citizens Community Bancorp in Eau Claire, Wis., has agreed to buy Old Murry Bancorp in Rice Lake, Wis.
The $581 million-asset Citizens Community said in a press release Tuesday that it will pay $17 million in cash for the parent of the $153 million-asset Community Bank of Northern Wisconsin. The deal is expected to close in June.
Citizens Community said it expects the deal to be accretive to its earnings in fiscal 2017. It should take three and a half years to earn back any dilution to Citizens Community's tangible book value.
"The acquisition enhances our branch rationalization program and increases our presence in Barron County," Edward Schaefer, Citizens Community's president and chief executive, said in the release.
Whyte Hirschboeck Dudek advised Citizens. Winthrop & Weinstine advised Old Murry.
