Credit union acquiring $230M bank
A credit union with several branches in the region is planning to expand in the Midwest, thanks to a pending acquisition.
Parchment-based Advia Credit Union said this week it has signed a definitive agreement to acquire Peoples Bank, a bank headquartered in Elkhorn, Wisconsin.
Peoples Bank has about $230 million in assets, 60 employees and four locations in Wisconsin.
With the growth, Advia would serve more than 130,000 members with 28 branches in Michigan, Illinois and Wisconsin. It would have about $1.5 billion in assets and more than 400 employees.
The transaction, which is subject to regulatory and shareholder approvals, is expected to be completed in the third quarter.
In Wisconsin and Illinois, Advia would have a total of 10 branches.
Future growth is also planned for Madison, Wisconsin in 2017, for a total of 29 locations.
Advia also participates in shared branching networks nationally and provides more than 30,000 surcharge-free ATM locations through CO-OP Network and retail outlets in Michigan and Wisconsin.
Cheryl DeBoer, Advia's president and CEO, said she’s “thrilled and eager” to welcome the customers of Peoples Bank to Advia.
“Advia continues to grow stronger and is well-positioned for serving members throughout our multi-state region,” DeBoer said.
Tom Oehler, president and CEO of Peoples Bank, said Advia is a “strong financial institution” that has the “size, resources and commitment” necessary to “competitively meet the financial needs of not only our consumer clients, but also our commercial, agricultural, municipal and nonprofit customers, now and in the foreseeable future.”
Michael Bell of Howard & Howard served as Advia’s legal advisor. Mercer Capital served as Advia’s financial advisor.
Thomas Homberg of Godfrey & Kahn served as Peoples Bank’s legal advisor. Oak Ridge Financial served as Peoples Bank’s financial advisor.