Local Community Banks Agree to Merge

Monona Bankshares, Inc., the holding company for Monona State Bank, has announced that it is expanding its bank and team of bankers by acquiring the holding company for Middleton Community Bank. It will merge the two banks under the name Monona State Bank.
“This merger makes sense because both banks are locally owned and focused on their communities,” Monona State Bank President and CEO Paul Hoffmann said. “We’ve always believed that there is ‘strength in neighbors.’  We look forward to joining together to offer more services to all of our customers.”
No layoffs are anticipated as a result of the merger, and, according to Hoffmann, local customers will likely see more mobile banking resources and broadened expertise – in agricultural, home and business lending – from their bankers.
“The two banks have known each other for a long time,” he continued. “We have a lot of respect for each other. That’s why, when they reached out to us, we responded right away. We have a great respect for them and it is a good fit.”
The holding companies of the banks signed a binding agreement on July 28. The merger requires shareholder and regulatory approval.
The signing of the final closing documents will occur in the fourth quarter of 2016, and integration of the two banks is expected to be completed by the summer of 2017.
After the banks merge, Monona State Bank will employ more than 150 associates in nine locations. It will operate the Middleton Community Bank locations in Middleton, Cross Plains, Belleville, Sauk City and Brooklyn. The combined banks will have $775 million in assets, giving them more opportunities to compete and grow. 
“I think we’re growing stronger together,” commented Hoffmann. “I think it makes sense and it helps us to stay local.”
Monona State Bank’s headquarters will remain in Monona.
“We’re really excited about having the Middleton Community Bank people join our team,” Hoffmann continued.
Founded in 1991, Monona State Bank has grown to about $475 million in assets with two locations in Monona, and one each in Madison and Cottage Grove.
Middleton Community Bank has about $300 million in assets while serving more than 10,000 accounts since opening in 1995. Its mission is “to provide quality products and personal service” to customers in Middleton, Belleville, Brooklyn, Cross Plains, Sauk Prairie and surrounding communities in South Central Wisconsin.