Baylake Bank, a wholly owned subsidiary of Baylake Corp., today announced it will acquire a branch facility and other fixed assets along with approximately $14 million of deposits from Community Bank & Trust's Appleton office.
Under the agreement, all loans with the exception of certain personal reserve accounts will be retained by Community Bank & Trust.
Baylake Bank is headquartered in Sturgeon Bay and currently operates 20 banking offices located in four Wisconsin counties. The bank is one of the 10 largest publicly traded banks in the state of Wisconsin. The office being acquired in Appleton will be Baylake Bank's second office located in Outagamie County.
Community Bank & Trust, a wholly owned subsidiary of Community Banc-Corp. of Sheboygan Inc., has $530 million in total assets, and currently serves individuals and businesses from 11 community financial centers throughout Sheboygan, Calumet, Outagamie and Milwaukee counties.
Robert Cera, Baylake Corp.'s president and chief executive officer, said, "Our expansion into Appleton within the heart of the Fox Valley region supports Baylake's strategy to build our presence in key metropolitan markets for us. We look forward to continuing the fine service and capabilities Community Bank & Trust has established in this market. This transaction offers the opportunity to integrate the branch with our operational capabilities and to expand this location's particularly strong business banking and wealth management opportunities."
Tony Jovanovich, chairman and CEO of Community Bank & Trust, said, "Due to the fact that Baylake Bank's core values and reputation are very similar to ours, we are confident that the branch sale is a good fit for our customers. We are pleased to have found a bank partner which will continue to offer clients a high level of customer service guided by a commitment to the community and superior financial advice and guidance."
Baylake Corp. also maintains a 49.8-percent equity ownership stake in United Financial Services (UFS), a data processing services provider headquartered in Grafton.