Peoples Bancorp in Prairie Du Chien, Wis., has agreed to buy four branches in Wisconsin from FirstMerit.
The $647 million-asset Peoples is buying the real estate, loans and deposits associated with the branches, it said Thursday. Financial terms were not disclosed. The purchase is expected to close in July.
The four branches held $69 million in deposits as of June 30, according to the Federal Deposit Insurance Corp. The branches are in the Grant County communities of Lancaster, Fennimore, Dickeyville and Potosi.
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Huntington Bancshares plans to close more than 100 branches in Ohio, Illinois, Michigan, Pennsylvania and Wisconsin after it completes its acquisition of FirstMerit.
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Huntington Bancshares made five pitches to buy FirstMerit. It took a fixed cash component, several board seats and hefty commitments to FirstMerit's employees and major markets in Ohio and Michigan to seal the deal.
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More than half of the deals announced so far this year have involved sellers from the Midwest. Expect activity in the region to rise as more banks mimic Huntington Bancshares and Chemical Financial by becoming acquirers.
January 26
Mark Forsythe, president of Peoples State Bank, and Rob Townsend, a FirstMerit spokesman, could not immediately be reached for comment.
The $26 billion-asset FirstMerit, of Akron, Ohio, announced in January that it had
Peoples Bancorp operates 14 branches of Peoples State Bank in Wisconsin and Iowa.
Edelman & Co. was financial adviser to Peoples on the deal. Boardman & Clark was legal counsel.
