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AbbyBank, Abbotsford Wisconsin and State Bank, Gresham, Wisconsin
AbbyBank, Abbotsford, Wisconsin and State Bank, Gresham, Wisconsin, have entered into a Purchase of Assets and Assumption of Liabilities Agreement that will result in AbbyBank acquiring substantially all of the assets and assuming substantially all of the liabilities of State Bank. The transaction will increase AbbyBank’s total assets approximately $28 million, to approximately $533 million.
Following the transaction, each of State Bank’s current branch locations, one in Gresham, Wisconsin and the other in Shawano, Wisconsin, will be operated as branches of AbbyBank. Financial terms of the deal will not be publicly disclosed. Closing of the transaction is subject to the receipt of all required regulatory approvals.
Craig Stuedemann, AbbyBank’s President, said of the transaction:
“AbbyBank is excited about the opportunity to engage in this strategic transaction with State Bank. AbbyBank looks forward to the opportunity to provide State Bank’s customers the outstanding products and service that AbbyBank’s customers have enjoyed since its inception in 1968.”
Neil Beckman, Chief Executive Officer of State Bank, said of the transaction:
“State Bank looks forward to continuing to work with AbbyBank to bring this transaction to completion. AbbyBank is a great community bank, and the customers, employees and communities of Gresham, Shawano and the surrounding areas will continue to receive the great service they have come to expect from State Bank. We do not think we could have found a better partner in this transaction.”
Gerrish Smith Tuck, Consultants and Attorneys, Memphis, Tennessee served as AbbyBank’s financial and legal advisor in the transaction. Jeffrey C. Gerrish and Greyson E. Tuck served as lead advisors. Ruder Ware, L.L.S.C., Wausau, Wisconsin, served as State Bank’s legal advisor in the transaction, and Edelman & Co., Ltd. served as financial advisor to State Bank and its parent company West End Financial Corporation.
Local Organization Recieves $1,500 in Donations
The Abbotsford Story, Inc. is pleased to announce the donation of $1,500 to the EMPD Blue Hearts. The donation will help towards the 5K/10K With A Cop program. This program helps law enforcement officers build relationships with at risk youth. They plan to help teach them the importance of goal setting, self-discipline, empower them with confidence and dedication that will help them live successful lives.
Rocky Road Boutique and AbbyBank join together to support Stepping Stones in Medford
Rocky Road Boutique and AbbyBank presented Stepping Stones with a $200 donation from the proceeds of their boutique party on Sunday, April 7th. Rocky Road Boutique in Stetsonville was AbbyBank’s featured business of the month in April. Both businesses wanted to find a way to team up and give back to the community.
Kendra Socwell, owner of Rocky Road Boutique, suggested Stepping Stones in Medford. “Kendra wanted to give some of her proceeds back to the community that has been so welcoming to her and her new business. After discussing the many wonderful organizations in the area, we agreed Stepping Stones was a great choice,” stated Natalyn Jannene, Assistant Vice President of Marketing for AbbyBank.
AbbyBank Promotes David Klein to Head of Mortgage Division
David has over 30 years of banking industry knowledge, 29 of which have been in real estate lending in the greater Wausau area. David obtained his bachelor’s degree in Business Administration, with an emphasis in Marketing from UW-Oshkosh. He graduated from the Wisconsin Bankers Association's Commercial Lending School and has his Wisconsin Insurance License. He has been a member of the Everest Area Optimist Club for the past 30 years, and has served as treasurer, secretary and board member.
David enjoys working with his customers through the loan process, making sure to be with them each step of the way. He takes pride in providing great customer service which creates a continual robust relationship.
Jenny Jakel, Executive Vice President of Retail, states “David’s expertise in mortgage lending and helpful personality are key factors in successfully navigating the mortgage process for our customers and all involved in each individual home purchase.”
Local Organizations Receive $500 from The Abbotsford Story Foundation
Local Organizations Receive $3,950 from The Abbotsford Story Foundation
Local Organizations Receive $3,100 from The Abbotsford Story Foundation
Local Organizations Receive $2,900 from The Abbotsford Story Foundation
Local Organizations Receive $2,899 from The Abbotsford Story Foundation
Local Organization Receives $15,000 from The Abbotsford Story Foundation
The Abbotsford Story, Inc. is pleased to announce the donation of $15,000 to the Colby Pullers Club for their food and beverage hospitality building. “Colby Pullers Club is excited for the opportunity and partnership with Abby Story Foundation. This grant will allow us to provide permanent structure to the facility and help us make, Pulling for Youth Hunger and Health in 2019 and years to come a great success. The Abby Bank Hospitality Building will be a great addition to the property and the City of Colby,” states Lony Oestreich, Colby Pullers Club.
AbbyBanks Winning Bid at Taylor County Fair Helps Benefit the Medford Barn Project
AbbyBank helps local Taylor County Students Get Supplies Needed for New School Year
Sam Tesmer Graduates From Graduate School of Banking & Awarded a Certificate of Executive Leadership
Sale of the Furniture Benefits Medford FFA
AbbyBank & Peace Lutheran Church Partner to Help the Fill a Backpack Fill a Need Campaign
AbbyBank Partners with Cool for School to Help Area Students in Need School Supplies
Adam Rekau Joins AbbyBank as Vice President/Commercial Lender & Branch Manager
AbbyBank is an independent, community owned bank with assets of $462 million, serving our customers and shareholders with offices in Abbotsford, Appleton, Medford, Wausau and Weston.