Horicon-based
Horicon Bank plans to merge with Grafton-based
Cornerstone Community Bank, expanding its presence in southeastern Wisconsin.
While the bank’s announcement of the deal, which is still subject to regulatory and shareholder approvals, describes it as a "merger," the combined entity will go forward under the Horicon Bank brand. With more than $1.2 billion in assets, Horicon also has more than five times the assets of Cornerstone. Horicon had a little more than $1 billion in deposits as of June 30, 2021, Cornerstone had around $188 million.
“We are blessed to find such a complementary partner bank in Cornerstone Community Bank based in great Wisconsin communities in Grafton, Menomonee Falls, and Slinger,” said Frederick Schwertfeger, chief executive officer of Horicon Bank.
He also noted the deal would enhance Horicon’s future regional flagship bank branch at The Mayfair Collection in Wauwatosa, which is set to open in 2023.
The combination of the two banks is expected to be complete by the end of the year. Grace Bruins, marketing officer at Horicon Bank, said the bank recognizes the importance of Cornerstone’s bankers to their communities “and our goal is minimal disruption in service for their customers. We hope to be able to optimize those employee and customer relationships throughout the transition from Cornerstone to Horicon Bank.”
“We see Horicon Bank as having a similar family atmosphere for our employees,” said Paul A Foy, president of Cornerstone Community Bank. “They have a strong business banking function which will enhance our services to our customers.”
Reinhart Boerner Van Deuren s.c. served as legal counsel and Performance Trust Capital Partners, LLC served as financial adviser to Horicon Bank in the transaction. Godfrey & Kahn, S.C. served as legal counsel and Edelman & Co., Ltd. served as financial adviser to Cornerstone Community Bank.
