F&M Bancorp, Kaukauna, Wis., has agreed to buy Community Bank of Elkhorn (Wis.) in a stock swap deal that is scheduled to close early next year. Terms were not disclosed.
Community Bank, a $100 million-asset, one-branch subsidiary of CBE Inc., also in Elkhorn, would add to F&M's presence in fast-growing southeastern Wisconsin. F&M, which has $2.3 billion of assets and 84 branches in Wisconsin, Minnesota, and Iowa, already owns three banks near Elkhorn in the area between Milwaukee and the Illinois border.
"The suburbs of Milwaukee are an excellent area for us to expand in" because of the growth potential, said Janet M. Lakso, vice president of administration at F&M.
F&M has no plan, however, to expand into Milwaukee or Madison, Wis., Ms. Lakso said.
"We try to stay in the more rural areas," she said.