Community First Bank enters merger agreement with Livingston State Bank.
Community First Bank and Livingston State Bank announce signing of a definitive agreement to merge Banks
Boscobel Bancorp, Inc. (Boscobel), the holding company of Community First Bank and Rural Bancshares of Wisconsin, Inc. (Rural), the holding company of Livingston State Bank, announced their agreement to merge their banking organizations pursuant to a merger of equals. Pending regulatory approval, the merger of Rural into Boscobel is expected to occur in the second quarter of 2016 while the merger of Livingston State Bank into Community First Bank is expected to occur in the third or fourth quarter of 2016. Upon completion of the Bank merger the Banks will operate under the Community First Bank name.
The combined bank, based on financial results as of December 31, 2015, is projected to have total assets of approximately $400 million, deposits of approximately $330 million and loans of approximately $262 million. The combined bank will have eight (8) locations in southwest Wisconsin.
Dan Klahn, President and CEO, of Community First Bank said “We are extremely pleased to join these two strong and customer focused community Banks together. Both banks and their employees have similar cultures of providing superior value to their customers and a strong commitment to their communities. Our markets fit nicely together which will give customers the ability to transact business at numerous additional locations. The increasing bank size and corresponding economies of scale will make it much more cost effective to continue to provide new and improved products and services to our customers.”
Doug Martin, President of Livingston State Bank said, “We are really excited to join forces with Community First Bank as it has always been our focus to be a locally owned community bank and this merger will allow for that to continue. By merging our two organizations we will be able to remain an independently-owned community bank and continue to provide the same great service our customers have come to expect from us.”
About Community First Bank
Community First Bank (CFB) is an independently owned community bank founded more than 140 years ago in Boscobel, WI. In addition to Boscobel, CFB has locations in Muscoda, Richland Center, Reedsburg and Baraboo, WI.
About Livingston State Bank
Livingston State Bank is an independent community bank and was founded in Livingston in 1903. It currently has locations in Livingston and Platteville, WI.
The Bank Advisory Group, LLC assisted both companies with this transaction. Boardman & Clark law firm represented Boscobel Bancorp, Inc. and Community First Bank. Godfrey & Kahn represented Rural Bancshares of Wisconsin, Inc. and Livingston State Bank.