Iowa-based banking group acquires Wisconsin bank
Treynor, Iowa, June 23, 2021 - TS Banking Group has entered into an agreement with B&E Investments, Inc., to acquire State Bank of Arcadia in Arcadia, Wis., with banking assets of $210 million. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, including the receipt of the requisite regulatory and shareholder approvals. Reinhart Boerner Van Deuren S.C. and Oakridge Financial advised B&E Investments, Inc. on the transaction.
Upon the closing of the transaction, State Bank of Arcadia will merge into TS Banking Group’s Illinois based First National Bank and Trust Company, with the resulting bank having approximately $400 million in total assets across five locations.
The State Bank of Arcadia provides personal and business banking services as well as lending and investment services and planning for individuals and families. The bank serves an area in western Wisconsin that has a strong and diverse commercial and ag industry.
Both organizations have a shared focus on client care and integrity in financial services and community banking. Additionally, each value investing into their communities for prosperity and betterment.
State Bank of Arcadia’s President, Kevin Manley will continue to serve as the bank’s Market President for the Arcadia, Independence and Whitehall markets.
When asked about the partnership, State Bank of Arcadia President, Kevin Manley stated: “As we look to the future and how to best serve our customers while staying true to our community banking roots, we made the strategic decision to find the right partner to provide broader financial services and technology tools that will be expected by our customers well into the future,” said Kevin Manley, President & CEO for State Bank of Arcadia. “We know TS Banking Group is the right partner, and our due diligence identified TS Banking Group as an organization absolute in its commitment to shared values of community leadership and strong service culture.”
“State Bank of Arcadia shares many of the same qualities and values of TS Banking Group, which makes this a great fit for both organizations,” said TS Banking Group CEO, Joshua M. Guttau. “The bank has been well-run with good credit quality, supportive of the community and has a team of experienced local employees. We look forward to working together to provide an even more positive impact on the bank’s clients and the communities the bank serves.”
TS Banking Group is a multi-charter bank holding company group, with $1.5 billion in banking and fiduciary assets across Iowa, Illinois, and North Dakota. The TS Banking Group is headquartered in Treynor, Iowa, which is located in the Omaha, Neb., MSA.
For more information on this announcement visit tsbg.com or call (844) 487-3030.
About TS Banking Group: The TS Banking Group’s purpose is to ignite lasting client and community prosperity by helping people DO MORE with their money. TS Banking Group is a multi-charter bank holding company group, with $1.5 billion in banking and fiduciary assets across Iowa, Illinois, and North Dakota. The TS Banking Group is headquartered in Treynor, Iowa, which is located in the Omaha, Neb., MSA.
TS Banking Group is a dedicated community banking group focused on upholding a community bank management philosophy while acquiring community banks in the upper Midwest. The overall objective of the acquisition strategy is to expand an organization with a client-focused operating efficiency that allows for the long-term prosperity of community banking. To achieve this goal, the TS Banking Group believes it must 1) preserve the ‘local impact’ at each community bank by allowing the acquired bank to focus their efforts on serving their clients and communities where they are located, and 2) harness the power of a multi-bank operating group to provide a high level of technology, risk management, and financial management.