MARION, Wis. and STURGEON BAY, Wis., June 19, 2012 /PRNewswire/ -- Premier Community Bank and Baylake Bank today announced that they have signed a definitive agreement for Premier to purchase the Baylake branch operations in Waupaca, King, Manawa, and Fremont, Wisconsin. On a combined basis, the transaction is expected to involve total deposits of approximately $69.2 million and total loans of approximately $35.5 million. The transaction is expected to close in early fall of 2012.
Premier, headquartered in Marion, Wisconsin, currently has banking offices in Marion, Scandinavia, Iola, Bonduel, Shawano, Tigerton, Bear Creek, and Pulaski.
Premier President Thomas J. Pamperin said the acquisition into similar nearby communities was a natural move for Premier and follows the recent pattern of its other successful community extensions.
"Baylake Bank is a well-run organization driven by a professional and dedicated staff. Baylake's philosophy of quality service is consistent with our customer and community service philosophy," Pamperin said. "We look forward to welcoming their staff on board, and are committed to a smooth and seamless transition for deposit and loan customers. We are a strong bank and fully expect to become stronger by becoming good and active corporate citizens and financial service providers in these four excellent Wisconsin communities."
"The staff of both Premier Community Bank and Baylake Bank are working together to ensure a smooth transition," said Robert J. Cera, Chief Executive Officer Baylake Bank. "Knowing the leadership of Premier Community Bank in our industry, we are confident that the Premier team will continue to provide reliable, quality banking and other financial services to our many friends, neighbors, and community partners in Waupaca, King, Manawa, and Fremont. In addition, the familiar faces you have come to know and trust from Baylake Bank are expected to join the Premier staff," Cera said.
Baylake Bank's other Central Region offices located at N4386 State Road 49 in Poy Sippi and at 764 Broadway in Berlin, Wisconsin, are not included in the sale and will continue to operate as Baylake Bank Financial Centers.
Premier, which has approximately $200 million in total assets, carries on a tradition of providing community banking services since 1941. For more information about Premier Community Bank, visit www.premiercommunity.com.
Baylake, which has $1.1 billion in total assets, is headquartered in Sturgeon Bay, Wisconsin, and currently serves individuals and businesses throughout eight counties in northeastern and central Wisconsin.
SOURCE Baylake Corp.