Bosshard Financial Group in Oregon, Wis., has agreed to buy Northern Bankshares in McFarland, Wis.
Bosshard, the $592 million-asset parent of Oregon Community Bank, said in a press release Monday that it expects the deal to close in the first quarter. Bosshard did not disclose the price it will pay for the parent of the $521 million-asset parent of McFarland State Bank.
Oregon Community Bank will have 11 branches and a loan production office when the deal closes.
“As part of this merger, we will be reinvesting across the board and growing to meet the needs of the communities we serve,” Steve Peotter, Oregon Community’s president and CEO, said in the release.
Increased scale was a big reason for the merger, said E. David Locke, McFarland State’s chairman and CEO.
“The combination allows us to offer additional products, additional lending capabilities and new technologies important to our customers and vital to the future success of thriving community banks like ours,” Locke said in the release.
Hovde Group advised Northern Bankshares.
