Horicon-based Sword Financial Corp., the holding company of Horicon Bank, today announced it has agreed to acquire Markesan-based Markesan Bancshares Inc., the holding company of Markesan State Bank.
The transaction, the price of which was not disclosed, is expected to close in the late second or early third quarter.
Markesan State Bank has three locations, in Markesan, Randolph and Waupun. Horicon has 15 branches in Dodge, Fond du Lac, Green Lake, Winnebago, Calumet and Washington counties.
“We will keep all the branches. They’re contiguous to our footprint, so it’s a really nice fit for us,” said Fred C. Schwertfeger, a spokesman for Horicon Bank.
Horicon Bank, established in 1896, has 175 employees. As of Dec. 31, it had $755.8 million in total assets and $634.8 million in net loans and leases, according to the FDIC. Markesan State Bank, established in 1891, has 40 employees. It had $126.8 million in assets and $84.7 million in net loans and leases as of Dec. 31, according to the FDIC.
“We plan to be sensitive and give everyone a chance to apply for positions here,” Schwertfeger said of the Markesan employees. “We plan to keep as many as we can.”
With similar markets and customer bases, the two banks will fit together well, he said.
“We are happy about joining forces with the Markesan State Bank team,” said Frederick Schwertfeger, president of Horicon Bank. “As a caring community bank, Horicon Bank will continue to build and strengthen the relationships that have been forged for many years by Markesan.”
“We believe that our affiliation with Horicon will be beneficial to our customers and our communities,” said Debra Lins, chief executive officer of Markesan State Bank.
