Continuing its in-store branching strategy, Citizens Community Bancorp Inc. of Eau Claire, Wis., is buying three branches in Wal-Mart Supercenter stores from American National Bank of Beaver Dam, Wis.
The $409 million-asset Citizens, which has one Wal-Mart branch, said in January that it planned to open six more by the end of the year. Its deal for American National's branches in Appleton, Fond du Lac, and Oshkosh, all of which opened in 2004, was announced Wednesday and is expected to close in the third quarter.
Jim Cooley, Citizens' chief executive officer, said in a news release that the branches "offer strong potential for deposit growth and they're consistent with our targeted expansion strategy."
The price of the deal was not disclosed.
American National executive vice president John R. Oathout said in the release that the $151 million-asset bank decided to sell the branches because retail branching in Wal-Mart stores is not part of its growth plan.
"This move allows us to sharpen our growth focus and devote additional resources to the remaining branches — a priority for ANB," he said.
