A longtime Evansville financial institution has been acquired by the State Bank of Cross Plains, they announced Friday.

In a joint release, Union Bank and Trust announced the merger with the Dane County-based State Bank of Cross Plains. The boards of directors of both companies unanimously approved the transaction. The move is expected to close in the second quarter of the year, according to the release.

The merger will expand State Bank of Cross Plains’ presence from 10 locations in Dane County to a combined 15 locations in Dane, Rock, and Green counties. Union Bank and Trust operates from six locations, according to the release (each already operates a branch in Oregon).

“This merger is a tremendous opportunity, and we are excited about the potential this partnership will bring to our customers, employees, and communities going forward,” said Stephen Eager, president and CEO of Union Bank and Trust. “For us, it was about finding the right partner, someone who would mirror our image and help us expand our relationships throughout the bank’s market area.”

Read more in the Janesville Gazette