Settlers bank is a privately owned, premier provider of commercial, treasury, mortgage and private banking services with $390 million in assets operating from three locations in Wisconsin including Appleton.
Wings Financial Credit Union to acquire Settlers Bank. (Credit: Mackenzie Marco on Unsplash)
Wings Financial Credit Union and SB Bancorp, Inc., the holding company for Settlers bank, announced today that the two organizations have reached an agreement for Wings to acquire the bank, including their three branch locations in Appleton, Madison, and Windsor, Wisconsin.
The transaction, which requires approval by state and federal regulators, is expected to close in mid-2023. When the transaction is complete, Settlers bank locations will be re-branded as Settlers Best Credit Union, a division of Wings Financial Credit Union.
“Settlers bank was started 15 years ago to be accessible and to build relationships through collaboration. Wings shares these values and our partnership will allow us to build on our already strong market momentum,” said Settlers bank Founder and CEO, Tom Spitz.
Settlers bank Founder and President, David Fink added, “We are excited that the approach to the transaction will keep the systems and team of Settlers bank intact to allow us to continue to serve our markets without disruption.”
“We’re excited about the opportunity to introduce our services to the Wisconsin market,” said Frank Weidner, Wings Financial Credit Union President and CEO. “We’ve been exploring opportunities to expand into Wisconsin and this transaction was a great fit for both Settlers bank and Wings. This opportunity will jumpstart our market presence in Wisconsin.”
Raymond James & Associates, Inc. served as financial advisor and Honigman LLP, Chicago, IL served as legal advisor to Wings Financial Credit Union. Settlers bank was represented by Boardman Clark & Clark, LLP, Madison, WI, and Oak Ridge Financial Services Group, Inc served as financial advisor.
Source: Company Press Release