WAUSAU, Wis., Dec. 16, 2020 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (OTCQX: PSBQ) (“PSB Holdings”), parent company of Peoples State Bank (“Peoples”), Wausau, Wisconsin, and Waukesha Bankshares, Inc. (“WBI”), parent company of Sunset Bank & Savings (“Sunset”), today jointly announced the execution of an Agreement and Plan to Merge in a cash transaction whereby PSB will acquire WBI and Sunset.
Under the terms of the merger agreement, WBI (as the sole shareholder of Sunset) will receive approximately $9.6 million in cash, subject to adjustment as set forth in the merger agreement, for all outstanding common stock.
Located in Waukesha and founded in 1999, Sunset is a private community bank, with one full-service location, and total assets of $141 million as of September 30, 2020. Sunset has loans of $102 million and deposits of $124 million, both as of September 30, 2020. The combined company is expected to have over $1.24 billion in total assets with 10 full-service banking locations in central, northern, and southeastern Wisconsin.
“We’re excited to grow our community banking efforts in southeastern Wisconsin, and feel this merger is a perfect complement to our newly opened bank location in West Allis,” said Peoples’ President & CEO Scott Cattanach. “This merger is another example of our growth strategy into southeastern Wisconsin. 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.”
Sunset President and CEO Bob Eastman will join the PSB Holdings and Peoples board of directors upon completion of the sale, expected sometime in the second quarter of 2021.
“Having a cabin in Wisconsin’s Northwoods, I’ve been aware of Peoples’ reputation as a great community bank for some time. Likewise, I’ve been impressed by their efforts to establish and grow in the Milwaukee area,” said Eastman. “Peoples’ mission of being a community bank that is committed to the communities they serve, with local lending decisions, and a focus on building relationships with customers and helping local businesses thrive is well aligned with Sunset’s values, and the combined franchise will be well positioned for continued growth and success.”
Following completion of the merger, Sunset customers will see a conversion to the Peoples brand in June 2021. Completion of the merger is subject to customary closing conditions, including the receipt of required regulatory approvals and WBI’s shareholders.
The merger will strengthen the combined franchise in southeastern Wisconsin and will offer customers expanded and enhanced products and services, increased lending capacity for Waukesha and Milwaukee counties, and increased community support.
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