Waukesha-based First Federal Bank of Wisconsin and Milwaukee-based Bay View Federal Savings and Loan Association have announced they plan to merge.
The merger is expected to be completed mid-year, pending regulatory approval. The resulting federal savings association, called First Federal Bank of Wisconsin, would have about $255 million in assets.
Once merged, the bank would operate out of First Federal’s home office, 1617 E. Racine Ave. in Waukesha.
“I am very excited about this partnership, which we structured as a merger of equals, and what it means to our customers,” said Stephen Johnson, president and CEO of Bay View Federal. “This gives us the opportunity to offer more products and services to our customers and local community.”
First Federal Bank, chartered in 1922, has two other Waukesha offices, at 1801 Summit Ave. and 134 Wisconsin Ave. It is also currently constructing a Brookfield office.
Bay View Federal, chartered in 1915, has one office at 3974 S. Howell Ave. in Milwaukee. The location will become a First Federal Bank branch.
“This merger will provide us with an enhanced capacity to better serve our customers and jointly expand, while we both keep our local roots,” said Gary Riley, president and chief executive officer of First Federal.
Bay View’s 10 employees will be retained in the transaction, bringing the total employment at the new bank to 32, Riley said. The company plans to hire another three employees in residential and commercial business development over the next six months.
Bank customers will be notified of the merger and the expanded amenities they can expect.
