Hayward Bancshares in Eau Claire, Wis., is merging its two bank charters in a bid to cut regulatory costs.

Summit Community Bank in Maplewood, Minn., will merge into Peoples Bank of Wisconsin, according to a report Wednesday in the Minneapolis/St. Paul Business Journal. The change was confirmed by a company spokeswoman.

The $63 million-asset Summit has one branch, and the $231 million-asset Peoples has two. The merger must be approved by federal and state regulators.

The change is intended to reduce the expense of filing regulatory documents and having separate bank exams for each institution, Summit president Kevin Whelan told the Business Journal.

"From an efficiency standpoint, it makes sense," Whelan told the publication.

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