All employees, including the managers, at Waukesha-based InvestorsBank will retain their positions following the acquisition of the bank by Fond du Lac-based American Bank.
Dick Hensley will continue as chief executive officer and Gordy King will continue as president for the Milwaukee market. In a conference call with customers Monday, King said InvestorsBank customers can expect business as usual.
“What this means for you: not a whole lot, other than better service, more products and a bigger lending limit,” he said. “As you can see, the same trusted advisors that are here today will be with you tomorrow.”
Hensley said the acquisition was a result of the increasing regulatory pressure on community banks.
“You might be asking, ‘Why merge?’” he said. “The current banking environment for community banks is quite challenging. Scale is important as we continue to deal with the new regulatory costs associated with the last five years. The opportunity to merge with American Bank will allow us to achieve not only scale, but to continue to deliver solid products to you, our customers.”
InvestorsBank is based at W239 N1700 Busse Road in Waukesha. The bank was established in 1997 as a privately held commercial bank. It is family-owned, and works mainly with entrepreneurs and small businesses.
American Bank was founded in 1968 by a group of seven Fond du Lac businessmen who served as the original board of directors. It has $250 million in assets and five offices serving Fond du Lac, Dodge, Green Lake and Winnebago Counties. It is a subsidiary of NEB Corp., which has total banking assets of $1.5 billion. The combined bank will have $450 million in assets.
“This merger will give us the horsepower to continue to serve the needs of you, our valued clients, for many years to come,” Hensley said in the call.
Subject to final regulatory approval, the banks expect the transaction to close in mid-October.
“We are confident we will be a satisfying, growth-oriented and progressive banking partner for people and families as well as business customers in the area,” said Jim Chatterton, president of American Bank. “This is an exciting and energizing opportunity which allows us to blend our strengths and qualities with those of InvestorsBank, while broadening our reach.”
