MENOMINEE - River Valley Bank of Wausau, Wis. and the First National Bank & Trust Co. of Iron Mountain-Kingsford, announce the sale and purchase of the River Valley Menominee branch to the First National Bank & Trust Co., pending regulatory approval.
Bank officials have agreed to and signed a definitive agreement for purchase. The transaction is expected to close in December.
"Our announcement today represents an exciting opportunity to bring our outstanding customer service and main street community banking philosophy to the Menominee and Marinette areas," said Dave Kashian, president and CEO of First National Bank & Trust Co.
"We welcome our new clients and employees in Menominee and Marinette to the First National Bank & Trust Co. family," Kashian said. "We are committed to make this transition as easy as possible for our customers and look forward to building long term relationships."
"The sale of the Menominee branch makes sense due to its more isolated geographic location relative to Wausau," said Steve Anderson, president and CEO, River Valley Bank. "It also allows us to fully focus on our significant growth opportunities in the rest of our U.P. markets including Iron Mountain, Marquette, Calumet, Houghton and Ironwood."
"We have terrific customers and staff in Menominee and they will be in good hands with the management and board of the First National Bank and Trust Co. of Iron Mountain," added Anderson.
This agreement provides that all deposit and loan relationships will be acquired by First National.
Customers will be notified in the near future with details regarding the transition of accounts.
The First National Bank & Trust Co. has five banking locations in Dickinson County.
Established in 1887, the bank is independently owned and operated community bank.
The First National Bank & Trust Co. has received Bauer Financial highest 5 star rating for the past 15 consecutive quarters, and is a strong, well capitalized bank with assets of $250 million dollars headquartered in Iron Mountain.
River Valley Bank is well capitalized, family owned independent community bank based in Wausau, Wis., with 17 locations in central and northern Wisconsin and the Upper Peninsula.