HAGER CITY - "It's a merger of equal banks with common ideals."
Those are the words of Hiawatha National Bank (HNB) President Jeff Oskey used in describing the partnership between White Rock Bank and HNB.
BancMidwest Corporation, the parent company of White Rock Bank announced last week they have reached an agreement to acquire HNB with its three locations in Hager City, Maiden Rock and Glenwood City.
The agreement still needs regulatory and shareholder approval, which is expected to occur by the end of the first quarter of 2008. Once it occurs, the three HNB branches will become White Rock Bank locations. The total assets between the two companies will be about $180 million once the sale is complete.
Oskey explained that for the last couple of months, the two banks were in initial discussions. Once a comfort zone was established, talks heated up, which led to the announcement.
"We have a feeling this will be a good thing," he said.
White Rock Bank President and CEO Joseph Tapp echoed those same thoughts.
"This fits well with us," he said. "It gives us an opportunity to expand into Wisconsin."
For more please read the Nov. 28 print version of the Herald.