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.
The Sunset Bank & Savings routing number will continue to work after the merger and for a period of time afterward.
You will be able to use your existing checks. After the conversion in June, in most cases, you will be able to use your same stock of checks until you run out, and can then order new Peoples State Bank checks as needed.
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.
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