Ixonia Bancshares in Milwaukee has raised $21 million in fresh capital, including $16.5 million from a wealthy family that also owns a stake in the Milwaukee Brewers baseball club.
The $310 million-asset parent of ISB Community Bank said the proceeds would be used to bolster the bank's capital levels and support its growth in the Milwaukee region. Aside from the $16.5 million it received from the family of Sheldon Lubar, Ixonia raised $4.5 million from existing shareholders, employees and select new investors. The company first announced its intention to raise capital in April.
"We are pleased that the investment is now complete, as it provides certainty to our customers, shareholders and employees of the bright independent future of ISB Bank," Dan Westrope, the president and chief executive of ISB Community Bank, said in a news release. "This investment also confirms our belief that community banks will continue to have an important role in the future of our communities, and in serving our retail and business banking customers."
Sheldon Lubar is chairman of Lubar & Co., a local investment firm that owns stakes in a variety of firms in the upper Midwest, including the Brewers. With the investment, the Lubar family will gain voting control of Ixonia and ISB Community Bank.