Partnership Bank announced it has signed a definitive agreement to acquire the two Ozaukee County bank branches operated by Oak Creek-based Tri City National Bank.
Partnership Bank is a branch of First Bank in Tomah, Wisconsin and a member of the Partnership Community Bancshares, Inc. family of banks.
The branches to be acquired are located in Cedarburg and Grafton.
Partnership Bank, which opened a new office in Cedarburg in December of 2012, has been able to fast-track its growth plans due to the overwhelming support it has received from the community.
The transaction is expected to close in the third or fourth quarter of 2013 pending regulatory approval.
“We are very excited about securing a permanent, full service bank location in downtown Cedarburg and a branch office in Grafton. And more importantly, happy to align with Tri City, an organization who has provided reliable, quality banking to this community for over 20 years,” said Dean Fitting, Partnership Bank chairman. “We are well on our way to becoming the number one relationship-driven bank in Ozaukee County. This acquisition allows Vince Cameranesi, Partnership Bank’s president, and team to focus on what’s most important – building relationships and supporting this community.”
“The market strength of Tri City has historically been in Milwaukee and Waukesha Counties. Our 2009 purchase of five new branch locations in Racine and Kenosha extended our footprint further to the south. This sale to Partnership Bank allows us to focus our efforts in these markets,” said Ron Puetz, chairman and chief executive officer of Tri City National Bank. “I am delighted to have chosen Partnership Bank given their successful history in Ozaukee County which started as Ozaukee Bank in 1975.”
Partnership Bank’s Cedarburg board of directors includes Cameranesi, Fitting, Mary Kay Bourbulas, Brian Collins and Tom Johnson.
Financial terms of the transaction were not disclosed.