State Bank of Cross Plains to acquire Union Bancorp

S.B.C.P. Bancorp Inc. and Union Bancorp of Evansville Inc., the bank holding company for Union Bank & Trust Co., announced they’ve signed an agreement for State Bank of Cross Plains to acquire Union Bancorp and its subsidiary bank, UB&T, in a cash and stock transaction expected to close in the second quarter, pending regulatory approvals.

The transaction will expand the presence of SBCP from 10 locations in Dane County to a combined 15 locations across three counties as State Bank begins operating in Belleville, Brooklyn, Evansville, Janesville, and New Glarus. Both organizations currently operate locations in Oregon, Wisconsin.