Heartland Financial USA has announced Wisconsin Bank & Trust will acquire First Shares Inc., the parent company of First National Bank in Platteville, for $11 million.
Wisconsin Bank & Trust is a Madison-based subsidiary of Dubuque, Iowa-based Heartland. The bank has branches throughout the state, including in Sheboygan.
The transaction will be completed in about 60 percent stock and 40 percent cash. Wisconsin Bank & Trust plans to expand its presence in the area.
“We are expanding our footprint in southwestern Wisconsin and joining forces with a bank that shares a strong culture of respect for the customer and commitment to the community,” said Tom Wilkinson, chairman and CEO of Wisconsin Bank & Trust. “First National Bank is an excellent fit for our community banking business model, and its locations match our desire to ‘fill-in’ Wisconsin Bank & Trust’s presence in or close to our existing geographies in Monroe and Madison.”
First National Bank, which has assets of about $130 million, is an attractive option because of the education and healthcare centers there, Wilkinson said.
“Wisconsin Bank & Trust is the new name for Wisconsin Community Bank in Madison and Monroe and Heartland Business Bank in the Green Bay and Sheboygan markets,” said Kevin Tenpas, president of Wisconsin Bank & Trust. “The Wisconsin-chartered bank had been operating under two distinct names for 15 years. The new name unites both entities to serve clients under a common brand, fostering opportunities to expand the bank’s presence in the state. First National Bank is the first bank to be acquired under the new name.”