McFarland State Bank and Oregon Community Bank on Monday, Oct. 7, jointly announced an agreement to merge in the first quarter of 2020.
McFarland State Bank President and COO Mike Moderski said this provides an opportunity to become a larger institution to provide more services and opportunities to clients and loan customers in both communities.
In total, the organizations will have 11 offices in McFarland, Oregon and the surrounding areas.
“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,” McFarland State Bank Chairman and CEO E. David Locke said.
“We have built our organization to be a billion dollars and that had always been our goal for the last couple years,” Moderski said.
The opportunity to partner with another local community bank allowed McFarland State Bank to achieve this goal.
The company is growing in size, but Moderski said it will provide better opportunities and services for clients and bank staff.
“It’s still local community decisions that are going to be made,” he said.
Moderski will help guide the transition between the two banks and work with Oregon Community Bank President and CEO Steve Peotter to become one community bank. He will work to develop processes and procedures and build teams.
According to a news release, there are no planned layoffs or reductions in staff as a result of the partnership.
The institution will 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,” the release said. “Recently both organizations announced significant contributions in south central Wisconsin.”