January 22, 2014 at 4:54 p.m.
Peoples State Bank to acquire Northwoods National's Rhinelander branch
Peoples State Bank to acquire Northwoods National's Rhinelander branch
According to a press release issued Wednesday afternoon, the purchase includes approximately $22 million of performing loans and $44 million of deposits as of Dec. 31, 2013. Northwoods National Bank of Rhinelander is a branch of the Baraboo National Bank. Peoples' acquisition of the Rhinelander branch is expected to bring it to the highest deposit market share in the city and 17 percent of the total deposit market share in Oneida County, the press release states.
"Since entering the Rhinelander market in 1998, Peoples has become a leader in local business and real estate lending. We look forward to helping the customers of Northwoods National Bank with their financial needs and strengthening their community," Peoples Northern Region President Tom Knudsen said.
Peoples plans to purchase the building on Lincoln Street where Northwoods National is located and will maintain that facility as well as the current Peoples site near downtown.
Peoples President and CEO Peter Knitt said adding another branch in Rhinelander will help further strengthen the bank's entire network.
"Our existing northern Wisconsin branches in Rhinelander, Minocqua and Eagle River provide a stronger branch network to Northwoods customers, promoting deposit retention and growth through the acquisition and future branch integration," he said.
The acquisition is expected to be complete by the end of March.
Kyle Rogers may be reached at [email protected].
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