Wisconsin banks announce plans to merge
Greenwoods Financial Group in Lake Mills, Wis., has agreed to buy Fox River Financial in Burlington, Wis.
The $178 million-asset Greenwoods did not disclose the price it will pay for the $92 million-asset Fox River.
Greenwoods will have seven branches in south central and southeastern Wisconsin when the deal closes.
“We are very excited to team up with Fox River,” Bill McDonald, Greenwoods’ president and CEO said in a Monday press release.
Fox River “is a natural extension of our existing community banking organization and represents a unique opportunity to expand our market through joining with a well-established financial institution with a strong presence in Burlington and surrounding communities,” McDonald added.
Keith Pollek, Fox River’s president and CEO, will become market president for southeastern Wisconsin at Greenwoods. Pollek and Craig Faust, a Fox River director, will join Greenwoods’ board.