First State Bank plans to purchase central Wisconsin-based Pioneer Bank, the companies announced Wednesday, May 1.
First State Bancshares Inc. expects the purchase to close early fall, pending approval by regulators and Pioneer Bancorp Inc. Pioneer Bank’s seven offices will operate under the First State Bank name beginning in early 2020.
Pioneer Bank is headquartered in Auburndale with branches in Greenwood, Marshfield, Rozellville, Stevens Point, Wisconsin Rapids and Withee.
“Our two organizations are very complementary and together will be stronger in providing customers with the best products, convenience, and fantastic service from people they know and trust,” First State Bank President and CEO Robert Van Asten said in a statement. “We are both committed to the principles of community banking serving families, businesses and communities in North Central Wisconsin.”
Van Asten will remain First State Bank’s president and CEO.
“Like Pioneer Bank, First State Bank has a long history as an independent community bank with offices in rural communities,” said Jeff Whitrock, president and CEO of Pioneer Bank. “With our merger, we’ll be preserving Pioneer’s original 1910 core values and the personal relationships our employees have built with our customers and communities.”
Whitrock will join First State Bank as senior vice president/chief market development and sales officer.
Jim Nowak, Pioneer Bank’s chief financial officer, will join First State Bank as senior vice president and chief operations officer.
Headquartered in New London, First State Bank has offices in Clintonville, Manawa, Waupaca, Cecil and Rudolph. The acquisition will bring its total branches to 13.
First State Bank’s total assets are $300 million while Pioneer Bank’s are $160 million.
First State Bank will acquire Pioneer Bank’s outstanding common stock.