Monona State Bank in Wisconsin has agreed to buy MBC Bankshares in Middleton, Wis.

The $475 million-asset Monona State said in a press release Friday that it expects to complete the purchase of MCB, the holding company for the $300 million-asset Middleton Community Bank, in the fourth quarter. Monona State did not disclose the price.

Integration will likely take place next summer.

"This merger makes sense because both banks are locally owned and focused on their communities," Paul Hoffman, Monona State's president, said in the release. "We've always believed that there is strength in neighbors. We look forward to joining together to offer more services to all of our customers."

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