PSB Holdings, Inc., the parent company of Wausau-based Peoples State Bank, will acquire Sunset Bank & Savings and its parent company Waukesha Bankshares, Inc. in a cash transaction, the company announced today.
Terms of the deal were not disclosed.
Founded in 1999, Waukesha-based Sunset Bank & Savings is a full-service privately-owned community bank with total assets of $141 million as of Sept. 30, 2020.
“We’re excited to grow our community banking efforts in southeastern Wisconsin, and feel this merger is a perfect complement to our newly opened bank location in West Allis,” Peoples State Bank president and chief executive officer Scott Cattanach said in a statement. “Sunset Bank’s customers will find Peoples to be a strong community bank, with excellent customer service standards, and all the digital products normally found at regional or national banks.”
Following completion of the acquisition, Sunset’s single location in Waukesha will convert to the Peoples State Bank brand in June of 2021, according to a press release. The completion of the acquisition is pending regulatory approval.
Peoples State Bank serves north, central and southeast Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas and Milwaukee Counties, as well as a commercial loan production office in Stevens Point.
Peoples State Bank has more than $1.1 billion in assets. The combined company is expected to have about $1.24 billion in assets following the acquisition.