Brookfield-based North Shore Bank announced Friday that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase Kenosha-based Banks of Wisconsin, which does business as Bank of Kenosha.
The transaction is effective immediately, and under the terms of the agreement, North Shore Bank will purchase selected Bank of Kenosha assets and assume the deposits.
Bank of Kenosha branches, now part of North Shore Bank, will reopen on Saturday, June 1, at their normal business hours. Customers will continue banking as they normally do at the Bank of Kenosha offices they are accustomed to visiting.
North Shore Bank chairman and chief executive officer James McKenna said deposits are protected in the transaction. All deposits assumed by North Shore Bank will continue to be insured by FDIC and are backed by North Shore Bank, which is among the nation’s strongest banks. Depositors are now customers of North Shore Bank, and employees are now employees of North Shore.
“For 90 years, North Shore Bank has focused on high-touch customer service, prudent banking practices, community involvement and providing an outstanding workplace,” McKenna said. “We are pleased to extend this commitment to our new customers and employees in the Kenosha community. North Shore Bank is one of the strongest banks in the country, and Bank of Kenosha is a great fit. This acquisition allows us to serve more customers and sets the stage for the combined organization’s continued success.”
Bank of Kenosha had two branches in the Kenosha area, one located at 5117 Green Bay Road and one at 8056 39th Ave. Prior to this transaction, North Shore Bank operated 45 branches throughout eastern Wisconsin and northeastern Illinois, including one in Kenosha at 6906 Green Bay Road.
“We’re very excited to be serving new families, individuals and businesses in this community,” McKenna said. “We have been doing business in Kenosha for 14 years, and we think it’s a great community with strong growth potential. Bank of Kenosha customers will enjoy the additional products and services that will become available to them. They will continue to be served by the same talented bankers they’ve come to know and trust. Customers of the combined organization will benefit from even more convenient locations and other expanded facilities as we integrate the two organizations. It’s a very positive move for customers of both banks and the Kenosha community.”
North Shore Bank was founded in 1923. It has assets of more than $1.7 billion and 45 offices throughout eastern Wisconsin and northeastern Illinois.