First National Bank and Trust Company to Acquire Walworth State Bank
Release date: 11/19/2015
Beloit, Wisconsin – Centre 1 Bancorp, Inc., the holding company of First National Bank and Trust Company (“First National”), announced today an agreement to acquire Walworth State Bank, subject to shareholder approval and the approval of regulatory authorities. This acquisition allows First National the opportunity to enhance and strengthen its footprint in Walworth County, Wisconsin and the entire Stateline area.
"We have built our bank around a philosophy of close personal service and a commitment to helping families, businesses and communities succeed. First National was the best choice to ensure our community banking tradition would continue,” said Walworth State Bank Chairman Tobias J. Steivang. “We believe that our employees, customers and communities will benefit from First National’s commitment to providing outstanding service.”
Steve Eldred, President and CEO of First National Bank and Trust Company, expressed his excitement about the new opportunities made possible by the acquisition. “Walworth State Bank’s locations in Delavan, Elkhorn, Walworth and Williams Bay are an excellent fit for us. This partnership will add an additional $269 million in assets bringing our combined assets to approximately $1.1 billion. Being truly local means our resources will be kept working right here in the Walworth County area to serve the many needs of our neighbors.”
The acquisition will strengthen First National’s core deposit and customer relationship base with the combined bank having the number one deposit market share ranking in Walworth County. Over the past 14 years First National has completed a number of acquisitions and successfully transitioned its new customers and team members into the First National family.
“We continue to look for opportunities to enhance our presence in the Stateline area. We believe our new customers will be very pleased with our personalized approach from a truly local bank. This includes convenient branch locations, best-in-class banking services such as service-charge-free nationwide ATM access, and 24/7 online and mobile banking for both businesses and consumers,” said Eldred. “Importantly, we believe our new employees will be pleased with First National’s commitment to our people and our communities through support of their volunteer efforts in tandem with donations to local not-for-profit organizations.”
Centre 1 was advised in this transaction by investment banking firm Hovde Group, as well as the law firm Quarles & Brady LLP. Walworth State Bank was advised by the investment banking firm Piper Jaffray & Co. and the law firm Boardman & Clark LLP.
About Centre 1 Bancorp and First National Bank and Trust Company
Centre 1 Bancorp is the holding company of First National Bank and Trust Company, a diversified financial services corporation chartered in 1882. First National will now serve more than 28,000 households in 14 communities and 16 locations in Southern Wisconsin and Northern Illinois. Family owned for nearly 80 years, Steve Eldred, President and CEO, is the fourth generation of his family to run the bank. Commitment to truly local full service banking, investments, asset management, exceptional service, and Sound Advice has positioned First National Bank and Trust Company as a Stateline leader in the industry. Visit www.fnbtwelcomesu.com
for more information.