Brookfield-based North Shore Bank
has completed its previously announced
acquisition of West Allis-based Layton Park Financial Group Inc., parent company of Layton State Bank
[caption id="attachment_144350" align="alignright" width="334"]
The North Shore Bank headquarters in Brookfield.[/caption]
The companies merged at the close of business on Friday. Terms of the transaction were not disclosed.
Layton Park Financial Group reported a net loss of $41,000 in the second quarter. It had about 34 employees at four branches and $123 million in assets as of June 30, according to FDIC records.
North Shore Bank had $2.5 million in net income in the second quarter and $1.7 billion in assets as of June 30.
With the acquisition, North Shore has 49 branches in eastern Wisconsin and northern Illinois. The combined banking company has $1.8 billion in assets and about 480 employees.
“Layton State Bank has developed an outstanding group of employees and customers, and we welcome them to North Shore Bank,” said Jay McKenna, president and chief operating officer for North Shore Bank. “This is a great combination of two well-respected community institutions that share a deep commitment to the local area. Customers will benefit from even more convenient locations and other expanded facilities and service.”