A longtime Evansville financial institution has been acquired by the State Bank of Cross Plains, they announced Friday.
In a joint release, Union Bank and Trust announced the merger with the Dane County-based State Bank of Cross Plains. The boards of directors of both companies unanimously approved the transaction. The move is expected to close in the second quarter of the year, according to the release.
The merger will expand State Bank of Cross Plains’ presence from 10 locations in Dane County to a combined 15 locations in Dane, Rock and Green counties. Union Bank and Trust operates from six locations, according to the release (each already operates a branch in Oregon).
“This merger is a tremendous opportunity, and we are excited about the potential this partnership will bring to our customers, employees and communities going forward,” said Stephen Eager, president and CEO of Union Bank and Trust. “For us, it was about finding the right partner, someone who would mirror our image and help us expand our relationships throughout the bank’s market area.”
Union Bank and Trust was founded in Evansville in 1897 and has been under Eager family ownership for more than 100 years. According to Friday’s release, the bank had approximately $258.61 million in assets and $205.69 million in total loans and leases as of Sept. 30, 2018.
“We have an immense respect for the UB&T management and board of directors, and we look forward to continuing to work with the management team,” said Jim Tubbs, President and CEO of the State Bank of Cross Plains.
“We intend to capitalize on the existing footprint of UB&T and to strategically grow the bank’s presence in Wisconsin, all while honoring the bank’s emphasis on building long-term relationships and providing exceptional levels of service.”