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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.