Hiawatha Bancshares Inc. of Hager City, Wis., has agreed to sell itself to a two-year-old investment group, Lake Shore Wisconsin Corp. of Sheboygan.
Jeffery Oskey, Hiawatha's chairman, said in a press release Friday: "Hiawatha National Bank has a long history of providing safe and sound banking services. The Bank's board of directors and management recognize that in order to continue this tradition of service, additional resources will be required. We believe Lake Shore Wisconsin Corporation offers those resources."
The $42.7 million-asset, three-branch Hiawatha did not disclose the price of the deal, which is expected to close next quarter pending approval from regulators and shareholders. It would be Lake Shore Wisconsin's first acquisition.
