ELKHART LAKE — National Exchange Bank & Trust and Wisconsin Bank & Trust, a wholly-owned subsidiary of Heartland Financial USA, Inc., jointly announced recently that they have entered into a definitive agreement pursuant to which National Exchange Bank & Trust will purchase two Wisconsin Bank & Trust branches located in Chilton and Elkhart Lake.
National Exchange Bank & Trust is a community bank started in Fond du Lac, Wisconsin in 1933. “These two offices will be a natural fit with the geographic footprint and culture of National Exchange Bank & Trust, and we look forward to further building relationships in the Chilton and Elkhart Lake communities. We extend a warm welcome to the Wisconsin Bank & Trust branch customers and employees to our organization,” said Eric Stone, CEO of National Exchange Bank & Trust.
All current employees in the two branches have been offered employment with National Exchange Bank & Trust. National Exchange Bank & Trust banking services in Elkhart Lake will be combined into the current Wisconsin Bank & Trust facility, which will allow for the addition of drive-up services for current National Exchange Bank & Trust customers. The Chilton office will remain open as a National Exchange Bank & Trust office. The two Wisonsin Bank & Trust branches had combined deposits of approximately $44 million as of June 30, 2018.
James Chatterton, President and Chief Operating Officer of National Exchange Bank & Trust, commented: “The leadership teams of the two institutions will be integrally working together to preserve a quality customer experience. We have a strong commitment to support the staff and customers as we make this transition.”
Wisconsin Bank & Trust President, Curtis Chrystal said, “Reaching this agreement with a community bank such as National Exchange makes the most sense for our customers.” Chrystal stated that the local Board of Directors for Wisconsin Bank & Trust is grateful to the Chilton and Elkhart Lake communities for their past support, but decided to reduce branches to focus on its growth plans in its other Wisconsin markets. The transaction is scheduled to be completed in the first quarter of 2019, pending regulatory approval.