AbbyBank, Abbotsford and State Bank, Gresham have entered into a Purchase of Assets and Assumption of Liabilities Agreement that will result in AbbyBank acquiring substantially all of the assets and assuming substantially all of the liabilities of State Bank. The transaction will increase AbbyBank’s total assets approximately $28 million, to approximately $533 million. Following the transaction, each of State Bank’s current branch locations, one in Gresham, Wisconsin and the other in Shawano, Wisconsin, will be operated as branches of AbbyBank. Financial terms of the deal will not be publicly disclosed. Closing of the transaction is subject to the receipt of all required regulatory approvals.
Craig Stuedemann, AbbyBank’s President, said of the transaction:
“AbbyBank is excited about the opportunity to engage in this strategic transaction with State Bank. AbbyBank looks forward to the opportunity to provide State Bank’s customers the outstanding products and service that AbbyBank’s customers have enjoyed since its inception in 1968.”
Neil Beckman, Chief Executive Officer of State Bank, said of the transaction:
“State Bank looks forward to continuing to work with AbbyBank to bring this transaction to completion. AbbyBank is a great community bank, and the customers, employees and communities of Gresham, Shawano and the surrounding areas will continue to receive the great service they have come to expect from State Bank. We do not think we could have found a better partner in this transaction.”
Gerrish Smith Tuck, Consultants and Attorneys, Memphis, Tennessee served as AbbyBank’s financial and legal advisor in the transaction. Jeffrey C. Gerrish and Greyson E. Tuck served as lead advisors. Ruder Ware, L.L.S.C., Wausau, Wisconsin, served as State Bank’s legal advisor in the transaction, and Edelman & Co., Ltd. served as financial advisor to State Bank and its parent company West End Financial Corporation.