Wisconsin-based banks Nicolet Bankshares and Baylake have agreed on a merger deal worth about $141m, which will create the largest community bank north of Milwaukee.
Under the terms of the deal, shareholders of Baylake will secure a fixed ratio of 0.4517 shares of Nicolet common stock for each share of Baylake common stock.
The combined entity will operate under the Nicolet National Bank brand and will be headquartered in Green Bay, Wisconsin.
It will manage $2.2bn in total assets, $1.8bn in deposits and $1.6bn in loans, and operate with 41 branches in Northeast and Northcentral Wisconsin and the upper peninsula of Michigan.
The combined company will include executives from both parties, with Bob Atwell and Rob Cera to serve as co-chairmen and CEOs of Nicolet Bankshares and Mike Daniels to assume the role of president and CEO of Nicolet National Bank.
Moreover, the company’s board of directors will include eight directors each from Nicolet and Baylake.
The deal has already received the go-ahead from the board of directors of both companies. It is now subject to shareholder and regulatory approval and is scheduled to close in the first half of 2016.
Nicolet Bankshares founding chairman and CEO Bob Atwell said: "By uniting two strong community banks, we will be able to leverage the strengths of each to create a real difference to our shareholders, customers and to the communities we serve."