January/February 2014
Wisconsin Community Banker
35
CHANGING SCENE
under management.
Said Bank North President/CEO
Jerry Schmidt in a press release: “We
have always respected The Stephenson
National Bank & Trust as a competi-
tor and admired their commitment to
the communities they serve. Bringing
our organizations together will serve
to increase our ability to help grow
area businesses, expand our banking
products and provide trust services
to our customers, while continuing
the commitment to support our local
communities.” Bank North has assets
of $125 million; SNTB has $800 mil-
lion in bank, mortgage, and trust and
investment assets.
Baraboo Shrinks
Footprint
BARABOO—Baraboo National Bank
announced on its website new plans
to sell branch offices in Rhinelander,
Green Lake, and Viroqua. Baraboo
National will sell its Rhinelander branch
and part of its Elcho loan portfolio to
Peoples State Bank, Wausau; its Green
Lake branch to Horicon Bank, and its
two Viroqua locations to Peoples State
Bank, Prairie du Chien. The acquiring
banks will get the fixed assets of the three
branches, as well as selected loans and
deposits.
BNB Chairman and CEO Merlin
Zitzner said in the bank’s press release
that the sales are expected to close this
spring.
“The three agreements constitute a
major step forward in strengtheningThe
Baraboo National Bank and enhanc-
ing our ability to improve our efficiency
and increase our capital ratios,” Zitzner
said. “These transactions will help The
Baraboo National Bank concentrate its
geographic footprint and improve its
system-wide operations as the bank con-
tinues to adapt to the ongoing changes in
the financial services industry, especially
with the continued growth of Internet
banking.”
Zitzner noted that the acquiring
banks have strong traditions of out-
standing customer service and close
links to the communities they serve.
He also noted that the three banks have
home offices much closer to the branch
locations than the Baraboo home office.
“The Baraboo National Bank has
a tradition of excellent service and a
commitment to our loyal and valued
customers, and we thank the custom-
ers in these three communities for the
chance to serve them,” Zitzner said.
“We are pleased that we were able to
reach these agreements with three,
quality banking companies.”
The Baraboo National Bank pro-
vides a range of banking and financial
services from offices located in Colum-
bia, Fond du Lac, Green Lake, Juneau,
Langlade, Oneida, Sauk, and Vernon
counties. The transactions will have no
effect on BNB’s other 11 offices.
Peter Knitt, president and CEO of
Peoples State Bank, Wausau, said the
acquisition of the Rhinelander branch
will increase his bank’s deposit market
share in the community to the top
position in the Rhinelander market.
People State Bank has $900 million in
assets and eight full service retail and
commercial locations serving north-
ern and central Wisconsin in Mara-
thon, Oneida, and Vilas counties.
Frederick F. Schwertfeger, president
of Horicon Bank, said the acquisition
will increase his bank’s assets to about
$600 million and expand its locations
to 11 communities. “Green Lake is the
best lake town in the Midwest, and we
are grateful to be able to expand into
this scenic community.”
Mark W. Forsythe, president of
Peoples State Bank, Prairie du Chien,
said, “Our bank’s history of service
in Southwest Wisconsin and North-
east Iowa is a great story and we are
anxious to begin meeting and working
with the farmers, businesses, and resi-
dents of Viroqua and Vernon County
to write another chapter.” Peoples
State Bank currently has $549 million
in assets and operates 13 full service
retail offices located in Crawford and
Grant Counties in Wisconsin and
Clayton County in Iowa.
In aggregate, the branch transac-
tions involve the sale of approximately
$60 million in loans and the assump-
tion of approximately $160 million in
deposits.
Edelman & Co., Ltd. served as
CBW Legal & Compliance Consortium
Community Bankers of Wisconsin offers its Legal and
Compliance Services Consortium to provide CBWmembers
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For more information, contact Jami Erickson
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