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Introducing Lake Ridge Bancorp, Inc.

S.B.C.P. Bancorp, Inc. (“SBCP”), the parent bank holding company for State Bank of Cross Plains, and Monona Bankshares, Inc. (“Monona”), the parent bank holding company for Monona Bank, jointly announced on October 3, 2022 the successful completion of the all-stock merger of equals transaction between SBCP and Monona. The merged bank holding company has been renamed Lake Ridge Bancorp, Inc. (“Lake Ridge”).

Monona Bank and State Bank of Cross Plains will continue to operate as separate banks until the core processing systems are converted in February 2023. After the conversions, the combined bank will be named Lake Ridge Bank and will be the largest community bank headquartered in Dane County, and the eighth largest bank headquartered in the State of Wisconsin, with almost $3 billion in combined assets. The combined bank will have an expanded footprint of 22 branch locations and employ more than 400 associates across 16 communities throughout South Central Wisconsin. With more than 90% of our approximately 1,400 shareholders living in Wisconsin, Lake Ridge is proud to be both widely held and locally owned.

“Lake Ridge brings together two community banks with combined strengths and capabilities that make us uniquely equipped to support our clients in Wisconsin,” said Jim Tubbs, chief executive officer of Lake Ridge. “As we move forward together, Lake Ridge will continue our shared focus on providing quality service, supporting our associates, investing in our communities, and maximizing our financial and operational strength to create long-term value for our customers and shareholders.”

Paul Hoffmann, president of Lake Ridge shared, “This strategic merger of equals made sense for many reasons, especially since both banks are locally owned and share a similar set of core values and leadership philosophies. Our new bank demonstrates a continued dedication to promoting opportunity and prosperity within our communities throughout south central Wisconsin.” Hoffmann added, “When we invest in our neighbors, we help our communities to be stronger, more stable, and truly vibrant places to live and work.”

Lake Ridge’s board of directors consists of 14 members with seven directors from SBCP and seven directors from Monona, as well as a joint executive management team.

Hunton Andrews Kurth LLP acted as legal advisor and The Bank Advisory Group acted as financial advisor to SBCP. Reinhart Boerner Van Deuren S.C. acted as legal advisor and Piper Sandler & Co. acted as financial advisor to Monona.