Palmyra State Bank recently announced it has agreed to merge with First Citizens State Bank in Whitewater. With a more than 30-year affiliation with First Citizens, Palmyra State Bank President Mike Mikkelsen along with the Board of Directors made the announcement and said the bank will become First Citizens State Bank, Palmyra Branch.
The Palmyra branch office will continue to serve the local community with the same staff and will expand its services to better serve the community. The decision now goes to the regulators, and if approved, the merger is expected to take place in the first quarter of 2016.
“Merging the two organizations will allow Palmyra State Bank customers to become part of a larger organization that will give them the benefit of multiple locations and expanded services,” First Citizens State Bank’s President, Jim Caldwell, said.
The Palmyra office will be able to make larger loans than it has in the past as well as offer a wider variety of investment products. It will also have additional online banking services available to its customers such as mobile banking and bill pay.
At the time of merger the combined organizations will have total assets of over $300 million. If customers have questions on their accounts, or about the merger, they should contact Palmyra directly at (262) 495-2101.
Palmyra State Bank traces its charter back to the formation of Farmers Savings Bank that opened in 1911. Due to the Great Depression, Bank of Palmyra merged with Farmers Savings Bank in 1931 and was renamed Palmyra State Bank. The bank moved into its current location in 1998 and celebrated its 100th anniversary in 2011.
First Citizens State Bank is Whitewater’s largest financial institution according to a press release about the merger, and currently has two offices in Whitewater and an office in East Troy. The bank offers high quality professional services to meet the needs of the local communities it serves and is rated a 5-Star Bank for safety and soundness by Bauer Financials Rating System – the highest bank rating issued.
