Cedarburg-based Partnership Community Bancshares Inc. has acquired two of its affiliate banks—First Bank Tomah and Town and Country Bank in Watertown—and will integrate them into the Partnership Bank branch system.
Partnership took majority ownership of the Tomah and Watertown banks in 2007, but is now buying out the minority shares. The operations and employment will not change at either location, said Dave Braaten, chief executive officer of Partnership Bank.
“To purchase the minority shares…if those shareholders choose to sell their stock, they will be purchased at a premium to book value,” Braaten said.
Bringing the branches into the Partnership network will allow them to have a higher lending limit, up to about $5 million. Total assets will now be $220 million, and total employment will be 68.
The transaction is expected to close in the first quarter of 2015, pending regulatory approval, Braaten said.
Partnership also on Monday opened a new branch at 11740 N. Port Washington Road in Mequon. The 2,000-square-foot branch will serve the Mequon and Thiensville areas, with both drive-up and lobby banking options.
The changes have expanded Partnership’s branch network to five locations: Cedarburg, Grafton, Mequon, Watertown and Tomah. And it may keep growing to new branches, Braaten said.
“As we continue to do a good job, if there’s demand, we’ll be studying it,” he said.
