Manistique bank acquires Wisconsin bank
A northern Wisconsin bank has agreed to be purchased by mBank, in the second similar transaction this year.
Manistique-based bank mBank is finalizing another purchase agreement, this time with the First National Bank of Niagara, just over the border with Wisconsin.
mBank will add four banking locations in Niagara, Aurora, Florence and Spread Eagle, Wisconsin, bringing its total branches to 24, with 7 of those now in northern Wisconsin, and the rest in Michigan.
The acquisition complements a similar move earlier this year and adds locations along the U.P. border and near Iron Mountain. The transaction was valued at $7.3 million and adds about $70 million in assets to mBank’s balance sheet.
“The increased footprint which bridges our Upper Peninsula of Michigan and Eagle River, Wisconsin locations will allow us to offer an even more convenient and comprehensive banking experience to both western U.P. and northern Wisconsin markets. In turn, we will expand and deepen valued client relationships and look forward to developing new customers in the region where the business ecologies are quite similar,” says mBank president and CEO Kelly George.
Writer: Kim Eggleston
Source: mBank
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