Nicolet Bankshares in Green Bay, Wis., plans to close six branches later this year after in connection with its April acquisition of Baylake in Sturgeon Bay, Wis.
The $2.2 billion-asset company told American Banker on Thursday that it will close one branch on Oct. 28 and the other five on Dec. 16.
After the closings, which represent about 14% of the bank's offices, the company's Nicolet National Bank unit will have 36 branches in northeast and central Wisconsin and the upper peninsula of Michigan.
"We knew we had overlapping branches after our recently completed merger, especially in Brown County," Mike Daniels, president and chief executive of Nicolet National Bank, said in a press release.
Nicolet's acquisition of the $980 million-asset Baylake roughly doubled the company's size. Nicolet initially closed and consolidated one branch with a nearby Baylake office.
"The closure of another several branches should result in further expense reduction opportunities for the combined company on top of expected savings directly attributable to the merger," Sandler O'Neill said in a report on the branch closings.