Wausau, Wis. (December 16, 2020) PSB Holdings, Inc., (OTCQX: PSBQ) (“PSB”), parent company of Peoples State Bank (“Peoples”) and Waukesha Bankshares, Inc. (“WBI”), parent company of Sunset Bank & Savings (“Sunset”) today jointly announced the execution of an Agreement and Plan to Merge in a cash transaction whereby PSB will acquire WBI and Sunset.
Located in Waukesha and founded in 1999, Sunset is a full-service privately-owned community bank, with total assets as of September 30, 2020 of $141 million. The combined company is expected to have over $1.24 billion in total assets with 10 full-service banking locations in central, northern, and southeastern Wisconsin.
“We’re excited to grow our community banking efforts in southeastern Wisconsin, and feel this merger is a perfect complement to our newly opened bank location in West Allis,” said Scott Cattanach, Peoples State Bank president & CEO. “Sunset Bank’s customers will find Peoples to be a strong community bank, with excellent customer service standards, and all the digital products normally found at regional or national banks.”
Sunset Bank & Savings Chairman and CEO Bob Eastman will join the PSB Holdings, Inc. board of directors upon completion of the sale, expected sometime in the second quarter of 2021.
“Having a cabin in Wisconsin’s Northwoods, I’ve been aware of Peoples’ reputation as a great community bank for some time. Likewise, I’ve been impressed by their efforts to establish and grow in the Milwaukee area,” said Eastman. “Peoples’ mission of being a community bank that is committed to the communities they serve, with local lending decisions, and a focus on building relationships with customers and helping local businesses thrive is well aligned with Sunset’s values, and the combined franchise will be well positioned for continued growth and success.”
Following completion of the merger, Sunset customers will see a conversion to the Peoples brand in June, 2021. Completion of the merger is subject to customary closing conditions, including the receipt of required regulatory approvals.
The merger strengthens the Peoples brand in southeastern Wisconsin and will offer customers expanded and enhanced products and services, increased lending capacity for Waukesha and Milwaukee counties, and increased community support.
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Peoples State Bank is a community bank headquartered in Wausau, Wisconsin, serving north, central, and southeast Wisconsin from nine full-service banking locations in Marathon, Oneida, Vilas, and Milwaukee Counties, as well as a commercial loan production office in Stevens Point, WI. Peoples provides financial services to business owners and individuals, as well as investment and retirement planning services through Peoples Wealth Management, a division of Peoples. Peoples was founded in 1962 and has total assets in excess of $1 billion. PSB Holdings, Inc., the parent company of Peoples State Bank, trades its common stock under stock symbol PSBQ on the OTCQX Market. Peoples is an Equal Housing Lender and Member FDIC. More information about Peoples can be found at bankpeoples.com.
Sunset Bank & Savings is a community bank headquartered in Waukesha, Wisconsin, serving the Waukesha area. Sunset Bank & Savings was founded in 1999, and has total assets of $141 million. Waukesha Bankshares, Inc. is the parent company of Sunset. Sunset Bank & Savings is an Equal Housing Lender and Member FDIC. More information about Sunset can be found at sunsetbankandsavings.com.
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations, estimates and projections about PSB Holdings’ business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential benefits of PSB Holdings acquisition of WBI and the potential growth of PSB Holdings, its future profits, expected stock repurchase levels, future dividend rates, and future interest rates. The forward-looking statements in this press release are necessarily based on assumptions, including, without limitation, assumptions with respect to PSB Holdings’ ability to execute its business plan as currently contemplated, the approval of WBI’s shareholders and PSB Holdings’ ability to obtain and maintain all necessary regulatory approvals for the acquisition of WBI and its subsidiary Sunset, including approval of the Federal Reserve and FDIC, and other assumptions. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB Holdings and WBI, and Peoples and Sunset and their customers, and other risks. The forward looking statements in this press release speak only as of the date on which they are made and PSB Holdings does not undertake any obligation to update any forwardlooking statement to reflect events or circumstances after the date of this release.