KAUKAUNA — Kaukauna-based East Wisconsin Savings Bank and Lake City Federal Bank in Lake City, Minn., have announced plans to merge into a single financial institution.
After the merger, the combined savings bank will have assets of approximately $370.7 million and operate a network of seven branches in Outagamie County and Wabasha County, Minnesota.
“This transaction is a merger of strong, customer owned and highly-respected institutions,” said Charles Schmalz, president and CEO of East Wisconsin. “Both East Wisconsin and Lake City have a similar culture and take pride in our long traditions of outstanding customer service and community involvement. We are very pleased to have Lake City join the East Wisconsin family.”
The East Wisconsin Savings Bank corporate office is in Kaukauna, with branches in Little Chute, Freedom, Appleton, Kimberly and Grand Chute.
East Wisconsin is a wholly owned subsidiary of EWSB Bancorp, Inc., which in turn is wholly owned by Wisconsin Mutual Bancorp, MHC, a member-owned mutual holding company. Upon the successful completion of the merger, Lake City will merge with and into East Wisconsin, and East Wisconsin will continue as the surviving institution and will remain in the mutual holding company form of ownership. The members of Lake City at the time of consummation of the merger will become members of Wisconsin Mutual Bancorp, MHC.
Upon the completion of the merger, it is expected that two current directors from the Lake City board will join the boards of the continuing entities.
The boards of directors of Lake City and each of the East Wisconsin entities have approved the merger. The merger is expected to close in the first or second quarter of 2023.
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