Bank merger slated for August
Nicolet Bankshares, Inc., and Advantage Community Bancshares have announced a merger effective Friday, Aug. 21.
The terms of the allcash deal were not disclosed.
Nicolet Bankshares is Wisconsin’s third largest bank founded in 2000 with $3.2 billion in assets. Following the merger, the bank will have 33 branches located in northern and central Wisconsin. Advantage Community Bank started in 2003 and now has four branches. They are located in Edgar, Wausau, Mosinee and Dorchester. The bank has approximately $150 million in assets.
“We continue to find great partners who want to get back to the heart of community banking,” said Mike Daniels, president and CEO of Nicolet National Bank. “Banking is still a people-driven business and we we have found experienced bankers at Advantage who have a solid reputation for serving their customers. When we combine Advantage with the commercial lenders we added in Wausau two months ago, we have a solid strategic hub in Central Wisconsin.” “We perceive Nicolet as the clear, long-term winner in the Wisconsin community banking arena,” Chris Myhre, CEO of Advantage Community Bank said. “We want to be a part of their team. Their commitment to allowing people to do what they are good at fits well with our culture.” He said the merger, in part, was driven by the burden of compliance with government banking regulations.
The merger has been approved by the boards of directors of both companies. Once the transaction is completed, all branch offices of Advantage Community Bank will reopen as Nicolet Bank branches.