With the merger closing scheduled for May 31, State Bank of Cross Plains (SBCP) and Union Bank & Trust Company (UB&T) officially began operating as one organization on June 1. The merged financial institutions expand SBCP’s presence from 10 locations in Dane County to a combined 15 locations operating in Dane, Rock, and Green counties, with total assets topping $1.25 billion.
“It became clear early on in the process that both banks shared the same set of core values and priorities, with a strong focus on putting people first,” said Jim Tubbs, President & CEO of State Bank of Cross Plains. “Every decision attempted to improve circumstances for our customers and the employees who assist those customers. Our shared philosophies helped fuel our enthusiasm as we did the hard work behind the scenes to merge both operations and our bank families in a way designed to make this transition seamless to the people we serve.”
Indeed, SBCP’s Tubbs and former UB&T President Steve Eager report very little disruption to the customers and the communities familiar with both banks:
- No layoffs.
- 15 of the merged 16 locations stay open. Both organizations had branch offices in Oregon less than a quarter mile apart. Staff will eventually combine into the former UB&T location at 883 N. Main Street. The SBCP location at 744 N. Main in Oregon will close in July.
- Nothing changes regarding loans. Existing loans will not be sold. Customers keep the same loan terms and continue to work with the same local lender. However, combined capital will enable more opportunities for business and personal loans from the now larger State Bank of Cross Plains.
- Relationships handled by either bank’s Wealth Management group will continue to be handled in the same professional manner as always. This applies to investment management, comprehensive financial planning services, and our most important role as a trusted fiduciary. In addition, clients will have an opportunity to continue working with their same Trust Officer/Wealth Manager team of choice.
- The Ag Services division has grown. More people were added to this team to support existing crop insurance contracts and local lending as this product grows more fully into Dane County, led by Steve Eager.
- Actual changes? Routing numbers for former UB&T checking and savings accounts will be updated as they get incorporated into the SBCP system in September. At that time, the bank will replace debit cards and offer the opportunity to order new checks.
“I’ve known the leaders at State Bank of Cross Plains for decades and have always respected them,” shares Eager. “When my family chose to reduce our level of involvement at UB&T, it gave us all peace of mind to know we could hand the reins over to another bank who also believes in growing local businesses and truly cares about helping the people and families who live and work in these communities.”