Nicolet Bankshares in Green Bay, Wis., has agreed to buy First Menasha Bancshares in Neenah, Wis.

The $2.2 billion-asset Nicolet said in a press release Friday that it will pay $76.6 million, or $131.50 a share, in cash and stock for the $476 million-asset parent of First National Bank – Fox Valley. The deal, which is expected to close in the second quarter, values First Menasha at 165% of its tangible book value.

Nicolet said it expects the deal to generate "high single-digit" earnings per share accretion in 2018. It should take Nicolet less than five years to earn back any dilution to its tangible book value.

Bryan Cave advised Nicolet. Stephens Inc. and Reinhart Boerner Van Deuren advised First Menasha.

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