Fond du Lac-based NEB Corp., which owns both American Bank and National Exchange Bank & Trust, announced today it will merge the two banks under the National Exchange name in the second half of the year.
Fond du Lac-based National Exchange Bank has about 300 employees at 27 branches in southeastern Wisconsin and $1.4 billion in assets.
American Bank has branches in Fond du Lac, Milwaukee, Mayville, Brownsville, Omro and Princeton. It has $485 million in assets and 80 employees. Fond du Lac-based American Bank acquired Waukesha-based InvestorsBank in 2014.
The merged organization will retain all 33 offices.
In the new organizational structure, current American Bank chief executive officer Jim Chatterton will serve as president and chief operating officer of National Exchange Bank. Mike Burch, who currently serves in the president and COO role, will retire after the merger is complete.
“The two banks have many synergies that make a merger a natural move for efficiencies and succession planning. I look forward to transitioning these two highly performing banks into one institution,” Burch said.
“This is an exciting opportunity and a logical next step. As the financial industry has become more highly regulated and margins compressed, this merger leverages the strengths of each bank and puts the combined entity in an even greater position for growth,” Chatterton said.
Peter Stone, current NEB Corp. chairman and CEO, will be vice chairman and CEO of the merged bank.
“While each bank has had its own individual identity, the similarities in management philosophy and product offerings will minimize employee impact while providing a positive customer experience,” Stone said. “Both institutions have a strong community banking philosophy and financial strength, and that is a commitment that will continue to take precedence as we move forward.”
Both banks declined to provide any further comment about the merger.
