Wisconsin Bank & Trust, Community Bank & Trust to merge
Wisconsin Bank & Trust, a subsidiary of Heartland Financial USA Inc., has announced that Heartland has entered into an agreement with Community Banc-Corp of Sheboygan to acquire Community Banc-Corp in an all-stock transaction valued at about $52 million.
Outstanding shares of Community Banc-Corp stock will be converted into shares of Heartland common stock, and Community Bank & Trust — which had assets of about $525 million, loans of $410 million, and deposits of $429 million at the end of September — will be merged into Wisconsin Bank & Trust.
Wisconsin Bank & Trust will gain 10 new locations, with the possibility of expanding into the Milwaukee area. After the merger, it will have $1.1 billion in assets and 19 locations statewide.