Monona Bank and State Bank of Cross Plains are planning to merge.
The Wisconsin banks said in a press release Tuesday that the deal is expected to close by the end of this year. They did not disclose any financial details.
The $1.2 billion-asset Monona Bank and the $1.7 billion-asset State Bank of Cross Plains would operate independently until next spring. The name of the combined bank has not yet been determined.
“This joint venture makes sense for many reasons, especially since both banks are locally owned and share a similar set of core values and leadership philosophies,” Paul Hoffmann, Monona’s president and CEO, said in the release.
“The merger demonstrates a dedication to promoting opportunity and prosperity within our communities throughout south central Wisconsin,” Hoffmann added.
“Both organizations believe strongly in the principles of independent community banking and want to preserve our guiding principles that banking should be personal, built on respectful and supportive relationships that encourage a local focus,” said Jim Tubbs, State Bank of Cross Plains’ president and CEO.
“When we invest in our neighbors, we enhance the entire community to be a more strong, stable, and vibrant place to live and work,” Tubbs added.