Clinton, IL, June 23, 2021 – First National Bank and Trust Company has entered into an agreement with B&E Investments, Inc., to acquire State Bank of Arcadia in Arcadia, Wis., with banking assets of $210 million. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, including the receipt of the requisite regulatory and shareholder approvals. Reinhart Boerner Van Deuren S.C. and Oakridge Financial advised B&E Investments, Inc. on the transaction.
Upon the closing of the transaction, State Bank of Arcadia will merge into First National Bank and Trust Company resulting in approximately $400 million in total assets across five locations.
Both organizations have a shared focus on client care and integrity in financial services and community banking. Additionally, each value investing into their communities for prosperity and betterment.
State Bank of Arcadia serves an area in western Wisconsin that has a strong and diverse commercial and ag industry. Additionally, Kevin Manley will continue to serve as the bank’s Market President for the Arcadia, Independence and Whitehall markets.
“It is exciting times. We look forward to working together to provide an even more positive impact on the bank’s clients and the communities the bank serves,” said First National Bank and Trust Company President, Joshua Shofner.
First National Bank and Trust Company was acquired in 2017 by TS Banking Group, a multi-charter bank holding company group, with $1.5 billion in banking and fiduciary assets across Iowa, Illinois, and North Dakota. The TS Banking Group is headquartered in Treynor, Iowa, which is located in the Omaha, Neb., MSA.
“State Bank of Arcadia shares many of the same qualities and values of TS Banking Group and First National Bank and Trust Company,” added TS Banking Group CEO, Joshua M. Guttau. “The bank has been well-run with good credit quality, supportive of the community and has a team of experienced local employees.”
For more information on this announcement visit firstnbtc.com or call (217) 935-2148.
About First National Bank & Trust Company: First National Bank & Trust Company is a community bank located in Clinton, Illinois. Dedicated to community prosperity, the bank was chartered in 1872 under the name DeWitt County National Bank. The name was changed First National Bank and Trust Company in 1974, and was acquired by TS Banking Group in 2017. With $200 million in assets, First National Bank is dedicated to community reinvestment and gives 10% of its net income back to the community. For more information visit firstnbtc.com.
About TS Banking Group: The TS Banking Group’s purpose is to ignite lasting client and community prosperity by helping people DO MORE with their money. TS Banking Group is a multi-charter bank holding company group, with $1.5 billion in banking and fiduciary assets across Iowa, Illinois, and North Dakota. The TS Banking Group is headquartered in Treynor, Iowa, which is located in the Omaha, Neb., MSA. For more information visit tsbankingroup.com.
TS Banking Group is a dedicated community banking group focused on upholding a community bank management philosophy while acquiring community banks in the upper Midwest. The overall objective of the acquisition strategy is to expand an organization with a client-focused operating efficiency that allows for the long-term prosperity of community banking. To achieve this goal, the TS Banking Group believes it must 1) preserve the ‘local impact’ at each community bank by allowing the acquired bank to focus their efforts on serving their clients and communities where they are located, and 2) harness the power of a multi-bank operating group to provide a high level of technology, risk management, and financial management.