United Bank customers in Northwest Wisconsin will soon see a new brand in their local markets. Citizens Community Federal (CCFBank) and United Bank have completed their merger combining the two financial institutions.
The acquisition was announced earlier in June pursuant to which Citizens Community Bancorp, Inc. acquired the stock of United Bank from United Bancorporation and immediately merged United Bank into CCFBank in a transaction valued at approximately $50.7 million. United Bank brings $268.5 million in assets, $240 million in deposits and $214 million in loans to the CCFBank franchise. The combined company, headquartered in Altoona, Wis., is expected to have over $1.24 billion in total assets with 27 locations in northwest Wisconsin and southern Minnesota.
CCFBank CEO and President Steve Bianchi sees the joining of the two companies as a great opportunity for their combined customers to benefit. “We look forward to welcoming United Bank customers, employees and communities to the CCFBank family,” Bianchi said. “We are excited about combining the two independent community banking franchises to deliver enhanced products and services that customers desire. The enhanced product line and services, along with the knowledge and resources of our staff will align with our goal of “Making More Possible” for our customers, communities, and stakeholders.”
Read more in WICZ Fox 40.