Monona Bank in Monona, Wisconsin, and State Bank of Cross Plains in Cross Plains, Wisconsin, are merging.
The $1.2 billion-asset Monona announced the all-stock deal with the $1.7 billion-asset State Bank on Tuesday. The merger of equals is expected to close in the third quarter and the integration is to begin in spring of 2023.
The combined entity will operate under a new brand that has yet to be determined. Shareholders will retain previously owned stock that will reflect the rebranding.
“Both organizations believe strongly in the principles of independent community banking and want to preserve our guiding principles that banking should be personal, built on respectful and supportive relationships that encourage a local focus," Jim L. Tubbs, president and chief executive of State Bank of Cross Plains, said in a press release.
“This joint venture makes sense for many reasons, especially since both banks are locally owned and share a similar set of core values and leadership philosophies,” Paul Hoffmann, president and CEO of Monona Bank, said in the release. “The merger demonstrates a dedication to promoting opportunity and prosperity within our communities throughout South Central Wisconsin.”
Hunton Andrews Kurth acted as legal advisor; the Bank Advisory Group acted as financial advisor to S.B.C.P. Bancorp. Reinhart Boerner Van Deuren acted as legal advisor and Piper Sandler acted as financial advisor to Monona Bankshares.
