Oregon Community Bank and McFarland State Bank jointly announced Monday they have signed a definitive agreement to merge their institutions. Subject to regulatory approval, the merger is expected to take place in the first quarter of 2020.
“This merger is an excellent fit for both organizations and will create one of the largest community banks in Dane County with over $1.1 billion in assets,” said E. David Locke, Chairman and CEO of McFarland State Bank.
The combined organization will have 11 offices located in McFarland, Sun Prairie, Middleton, Waunakee, Adams, Oxford, Grand Marsh, two offices in Oregon and two in Stoughton.
There are no planned layoffs or reductions in staff expected as a result of this new partnership.
“We believe this is an amazing opportunity to grow in South Central Wisconsin,” said Steve Peotter, President and Chief Executive Officer of Oregon Community Bank.
The merger allows the bank to remain locally owned; McFarland State Bank shareholders will become shareholders of Oregon Community Bank.
Oregon Community Bank and McFarland State Bank share a core value of investing in and serving the local community. Recently, both organizations announced significant contributions in South Central Wisconsin. In the past year, McFarland State Bank has donated two former bank buildings, first to the City of Stoughton and most recently to Stoughton Hospital. In addition, Oregon Community Bank recently made a historic $100,000 donation to the Jaycee Park Renovation Project located in Oregon.
“There is a great deal of synergy between our organizations,” added McFarland State Bank President Mike Moderski. “I’m happy to be part of this collaboration, which brings together two excellent teams and enhances the service we provide to our communities.”
Both organizations are currently rated as 5-star banks, the highest rating possible, from Bankrate and Bauer Financial. In addition, for the second year in a row, Oregon Community Bank is rated the number one community bank in Wisconsin as determined by S&P Global Market Intelligence.