Waumandee State Bank’s holding company, Waumandee Bancshares, Ltd. and Lake Shore III Corporation, Union Bank of Blair’s holding company, have entered into an agreement where Waumandee Bancshares, Ltd. will acquire Union Bank of Blair. “Waumandee State Bank is excited to announce the purchase of Union Bank of Blair and looks forward to the opportunity to serve its customers and the community,” said Waumandee State Bank President & CEO Herbert L. Lallemont. Lallemont expects the transition to be completed, pending regulatory approval, the second quarter of 2020 and the transition should be seamless to Union Bank of Blair customers.

Lake Shore III Corporation (“Lake Shore”) acquired Union Bank of Blair (“UBB”) in late 2013. “This acquisition is bittersweet as we have immensely enjoyed working with the community and employees,” said Lake Shore Chairman James W. Meisser, however; “the Board felt that Waumandee’s local presence would enable the Blair and Whitehall markets to grow and provide support and more opportunities for the employees. Lake Shore is committed to assist in a smooth transition, believes in this market and has expressed an interest in working together with Waumandee on future opportunities.”

“Waumandee sends a warm welcome to the Union Bank of Blair employees, customers, and community and we look forward to further building relationships.” Waumandee State Bank has been serving West Central Wisconsin since 1914 and is known for its widely held local ownership, with over 150 shareholders.

Lake Shore is a multi-bank holding company with 2 banks, Hiawatha National Bank and First American Bank, headquartered in Glenwood City, Wis. with seven offices.

Wipfli LLP served as financial advisor and Winthrop & Weinstine, P.A. served as legal counsel for Waumandee Bancshares, Ltd. Reinhart Boemer Van Deuren s.c. served as legal counsel for Lake Shore III Corporation. For more information, inquiries may be directed to Herb Lallemont at 608-626-3131 or Jim Meisser at jwmeisser@lswisc.com.

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