Natcom Bancshares Inc. in Superior, Wis., said it has agreed to buy Superior Bancorp.
The deal for the $90 million-asset Superior was announced Wednesday. It is expected to close by Sept. 1, according to Bruce Thompson, executive vice president of Natcom's banking subsidiary, National Bank of Commerce.
Natcom would have assets of $540 million after completing the deal. The price was not disclosed.
National Bank of Commerce has six branches near the Wisconsin and Minnesota border. The seller's Community Bank subsidiary has two branches in Superior, which is in northwest Wisconsin.
Natcom has nearly half the deposits in Douglas County, according the Federal Deposit Insurance Corp. data, and the acquisition would give it nearly 60% of the market share. Marshall & Ilsley Corp. of Milwaukee is in second place in the county in deposits, with a 20% share.
