Forward Financial Bank, SSB Partners With Citizens State Bank of Loyal to Purchase Most of the Deposits and Loans of Community B
Wednesday, September 19th, 2012 -- 11:33 AM
-Forward Financial Bank, SSB and Citizens State Bank of Loyal have announced the two companies have signed definitive agreements to purchase all of the deposits and most of the loans of Community Bank of Central Wisconsin.Community Bank has four offices located in Colby, Marshfield, Owen and Thorp.
Citizens State Bank will purchase all of the deposit accounts of Community Bank?s Marshfield Office and a portion of the deposit accounts of the Colby office after completion of the transactions. Forward Financial Bank will purchase all of the deposit accounts of Community Bank?s Owen and Thorp offices and a portion of the deposit accounts of the Colby office. The bulk of Community Bank?s loans will be purchased by Forward Financial Bank and Citizens State Bank. Customers will be contacted directly by their new bank with details in the coming months and should continue to use their existing branch.
William W. Sennholz, president and CEO of Forward Financial Bank, said ?that all three banks will work closely to ensure that the transition is smooth.? He continued, ?Forward Financial Bank is excited to have the opportunity to serve more of our neighbors and friends in the Owen-Withee, Thorp and Colby communities. We are committed to providing the highest level of customer care during this transition and throughout our relationship with each person or business."
Travis J. Holt, president and CEO of Citizens State Bank of Loyal, said ?that the customers of Community Bank of Central Wisconsin will continue to receive hometown service and quality financial products from their new banks.? He continued, ?Citizens State Bank of Loyal is very excited about our expansion into Marshfield to service our growing customer base and form strong relationships in the community."
Community Bank has been under a regulatory order since February 2012. Mark Schabert, President of Community Bank stated, ?This transaction will resolve our bank?s regulatory issues and enable our customers to maintain banking relations with strong community banks.?
Community Bank?s parent company, Central Wisconsin Bancorporation, Inc. plans to liquidate the remaining assets and liabilities not being purchased by the two banks. A distribution to shareholders is contemplated in the future.
The transactions, which are subject to regulatory approvals and Central Wisconsin Bancorporation, Inc. shareholder approval, are expected to be completed in the first quarter of 2013. Until completion of the transactions, Community Bank will continue to operate normally.
For more information, visit or call Forward Financial Bank in Greenwood, Stanley, Thorp, Withee, Medford, and two locations in Marshfield or Citizens State Bank in Loyal, Granton, Neillsville, and Spencer.
Feel free to contact us with questions and/or comments.