Nicolet National Bank will acquire Oshkosh-based Choice Bank in an all-stock transaction that's expected to be complete by the end of the year. 

Combined, the two banks would have $426.7 million in deposits in the Oshkosh-Neenah market, second only to Associated Bank’s $499 million, according to FDIC reports filed June 30, 2018, the newest data available. The two banks would have $3.5 billion in assets, $2.8 billion in deposits and $2.5 billion in loans. 

Choice Bank President and CEO Scott Sitter said the decision to merge with Nicolet came after nine months of strategic planning sessions with the bank’s board. Founded in 2006, Choice had reached a point where it needed to either invest in new products like wealth management and new services like marketing and technology, or find a partner that could provide them.

Sitter said Nicolet offers those services, as well as a lending cap five times Choice’s.

Read more in the Green Bay Press-Gazette.