Center 1 Bancorp Inc., announced Feb. 3 the closing of its acquisition of Walworth State Bank.
According to a release from First National Bank and Trust Company, the acquisition strengthens First National Bank and Trust’s core deposit and customer relationship base with the combined bank having the number one deposit market share ranking in Walworth County.
Walworth State Bank Chairman Tobias J. Steivang said back in December when the acquisition was first announced First National was the best choice to ensure Walworth State Bank’s community banking tradition would continue in Walworth County.
“We believe that our employees, customers and communities will benefit from First National’s commitment to providing outstanding service,” he said.
The release said Centre 1 Bancorp anticipates Walworth State Bank will be merged into First National Bank and Trust when conversions of information technology and data processing systems are complete, which is scheduled for the weekend of April 22. After the conversion is completed, Walworth State Bank will operate under the First National Bank and Trust brand.
“Our new locations in Delavan, Elkhorn, Walworth, and Williams Bay are an excellent fit for First National Bank and Trust,” Steve Eldred, president and CEO of First National Bank and Trust, said. “The merger allows the bank to partner with a financially sound, family-owned, truly local community bank to create an even stronger organization to serve our customers’ and communities’ financial needs.”
First National Bank and Trust operates 12 branches in Southern Wisconsin and Northern Illinois. With the completion of this transaction, the company’s footprint includes an additional four branches and $269 million in assets bringing its combined assets to approximately $1.1 billion.
First National Bank
Centre 1 Bancorp is the holding company of First National Bank and Trust Company, a diversified financial services corporation chartered in 1882.
First National will now serve more than 28,000 households in 14 communities and 16 locations in Southern Wisconsin and Northern Illinois.
For more on First National Bank and Trust Company, visit bankatfirstnational.com.
