Starion Financial in Bismarck, N.D., has agreed to buy WPS Community Bank in Madison, Wis.
The $1.1 billion-asset Starion did not disclose the terms of its deal for WPS Community, a federally chartered thrift with $98 million in assets. The companies expect the deal to close in the first quarter.
WPS Community is a single-branch institution owned by Wisconsin Physicians Service Insurance, a not-for-profit health insurance company.
The divestiture of the bank allows [Wisconsin Physicians Service Insurance] to continue to invest in growing and innovating in our core business, and gives the bank the opportunity it deserves to grow and succeed, the companies said in a Wednesday statement.
Other insurance companies have left the banking industry, with MetLife, Allstate, Prudential and others shedding their banking charters.
Oak Ridge Financial advised WPS Community on the sale.