Brodhead Bancshares, Inc., the holding company of The Bank of Brodhead, a state-chartered bank headquartered in Brodhead, Wis., announced that it entered into an Agreement and Plan of Merger on May 30, 2019 to acquire Farmers & Merchants Bank of Orfordville, a state-chartered bank headquartered in Orfordville, Wis. The transaction is expected to be completed in the fourth quarter of 2019, pending regulatory approval and shareholder approval, as well as other customary closing conditions.
Michael J. Olson, President of Brodhead Bancshares, Inc., said, “We believe we have very similar cultures and share a common principle of what a community bank means to its community. With that said, we feel this merger makes tremendous sense for both sides and are happy about joining forces with the Farmers & Merchants team. Farmers & Merchants is a high-quality bank with a community focus, and we look forward to continuing and expanding its legacy of service.”
Eric C. Christensen, President of Farmers & Merchants Bank of Orfordville, stated, “We are confident that our affiliation with The Bank of Brodhead will be beneficial to our customers as this combination builds on our strong community banking tradition. We looked very close at the Bank of Brodhead and the value they would bring to our customers. Both our banks have been serving their respective communities for well over 100 years.”
The Bank of Brodhead will expand upon Farmers & Merchants’ current offerings by including Home Equity Lines of Credit, Mobile Banking, and remote deposit capture services, among others. Craig P. O’Leary, executive vice president of Farmers & Merchants, will remain in his role and will also be joining the Brodhead Board of Directors.
Brodhead Bancshares, Inc. will be the holding company of both banks following closing of the proposed acquisition. In the future, it is anticipated that Farmers & Merchants will be merged with and into The Bank of Brodhead.