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Sunset Bank & Savings is being acquired by PSB Holdings, Inc. (parent company of Peoples State Bank). Customers and employees of Sunset Bank & Savings will merge into and be operated as Peoples State Bank after a full brand conversion in June of 2021.
The Sunset Bank & Savings Board of Directors had a desire to provide liquidity for shareholders and more opportunities for employees by selling to another community bank. The board, as well as Mr. Bob Eastman as Chairman and CEO, believes Peoples is the best fit to carry on the tradition of local community banking in Waukesha.
Peoples was started in 1962 by local citizens in Wausau looking to provide small businesses and individuals with a community bank that would make local decisions based on their needs. Today we have 11 locations across central, northern and southeastern WI. PSB stock is traded under the stock symbol PSBQ on the OTCQX market and the majority of our shareholders are local residents.
Our vision at Peoples is to be the community bank that all others strive to be and we aspire to this vision with our financial strength, community focus, and award-winning service. Learn more about the Peoples story here.
We estimate the closing of the acquisition to occur on or before April 30, 2021, pending regulatory approval. Sunset Bank & Savings will continue to operate as a separate bank until the customer data conversion in June. The merger of Sunset into Peoples State Bank will be complete after June 13, 2021.
Until the customer data conversion in June of 2021, Sunset will remain a separate bank owned by PSB Holdings, Inc. Tentatively, by June 13, 2021, the bank will become a branch of Peoples.
Yes. Your full-service location at 521 W. Sunset Drive in Waukesha will remain open as you enjoy today.
Yes. We are committed to providing high levels of customer service, and you will be greeted by knowledgeable, friendly bankers you know and trust at Sunset.
In the short term, you will see no impact. As we get closer to the merger with Peoples State Bank in June, you will receive more information on the transition of your accounts and expanded products and services available. You will continue to have access to move and transfer your money.
Before the June conversion, you will receive specific information on your accounts’ transition to Peoples, including account features and benefits that best apply to your needs. Expanded products and services will also be available, and you will continue to have access to move and transfer your money.
The Sunset Bank & Savings routing number will continue to work after the merger for a period of time. You will eventually switch your checks and references to your bank routing number to People State Bank’s routing number.
Please use your Sunset Bank & Savings checks through the end of the year. If you run out, you can order new Peoples State Bank checks after June 14, 2021, and will need to switch to new Peoples State Bank checks by January 1, 2022.
The rates on existing fixed-rate loans and CDs will remain the same until the end of their respective terms. Other loan and deposit rates on new products will adjust normally with market conditions.
There is no immediate effect to your accounts. Before the June conversion, we will provide you with specific communication regarding changes to your accounts including account features and benefits that best apply to your needs. Until that time, we encourage you to conduct business as usual with Sunset Bank & Savings.
Yes. Your deposit accounts will continue to be federally insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
We will be exploring system integration of account numbers and will be able to communicate with you at a later date should a change be needed.
The conversion to Peoples State Bank will result in enhancements, as well as new Peoples products to fit your needs.
Yes, your automatic deposits and payments will continue to work after the conversion. Peoples State Bank will send a notification of change to entities when we receive your automatic payments and deposits.
Yes, after the conversion in June. Peoples provides a robust digital banking platform, including a mobile app that allows you to deposit checks, pay bills or a person, set recurring transfers, enroll in eStatements, manage account alerts and use of ATM/debit cards. Peoples will send login instructions to you in June, around the time of the conversion.
You can continue to use your debit or ATM card at this time without interruption. You will be receiving new Peoples State Bank cards and the activation instructions in June for use after the data conversion.
We have planned several communications to keep you well informed and to notify you of any actions you may need to take. Communications will include frequently asked questions and provide more details on the data conversion and transition of your accounts.
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