PSB to expand in southeastern Wisconsin with Sunset Bank deal

PSB Holdings in Wausau, Wis., has agreed to buy Waukesha Bankshares in Wisconsin.

The $1.1 billion-asset PSB said in a press release Wednesday that it will pay $9.6 million in cash for the $141 million-asset parent of Sunset Bank & Savings. The deal is expected to close in the second quarter.

Sunset has one branch, $102 million in loans and $124 million in deposits.

“This merger is another example of our growth strategy into southeastern Wisconsin,” Scott Cattanach, PSB’s president and CEO, said in the release. “We are confident in the benefits to Sunset’s customers through our robust lending capabilities and treasury management services while creating value for our shareholders.”

Bob Eastman, Sunset’s president and CEO, will join PSB’s board.

“Having a cabin in Wisconsin’s Northwoods, I’ve been aware of Peoples’ reputation as a great community bank for some time,” Eastman said in the release. “I’ve been impressed by their efforts to establish and grow in the Milwaukee area.”

Raymond James and Boardman & Clark advised PSB. Godfrey & Kahn advised Waukesha.

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