F&M Bancorp. is expanding its presence in southwestern Wisconsin with plans to buy a $20 million-asset bank.

Kaukauna-based F&M, which has $1.6 billion of assets, has agreed to buy Bank of South Wayne in a stock swap deal. Bank officials refused to disclose terms of the deal.

Bank of South Wayne would become a branch of F&M Bank-Darlington, F&M's anchor in the region.

Still pending for F&M is the acquisition of Cannon Valley Bank, Dundas, Minn. Upon completion of the Cannon Valley deal, F&M will operate 64 banking offices throughout Wisconsin and eastern Minnesota.

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