Thompson Kane & Co., a mortgage lender in Madison, Wis., has agreed to buy Benton State Bank in Wisconsin.
The mortgage lender said on Wednesday that it expects to complete the purchase of the $77 million-asset bank in the fourth quarter. It did not disclose the price it will pay.
Benton State’s management team is expected to stay after the deal closes.
Benton State “is over 125 years old and we are thrilled that it will remain a community-based, independent financial institution serving local businesses, farmers, homeowners and consumers,” Steve Malone, the bank’s president and CEO, said in a press release.
“We will lead the bank into the future with additional growth avenues and plenty of capital to finance our plan,” Malone added.
Scott Freiburger, Benton State’s executive vice president, will become its president after the deal is completed.