Heritage Bank, Stratford State Bank announce merger
For Hub City Times
MARSHFIELD — Heritage Bank, with locations in Marshfield and Spencer, and Stratford State Bank, located in Stratford, have entered into a merger agreement, subject to approval by their shareholders and regulators.
Stratford State Bank President Jeff Lappe stated, “This merger of equals within the same market area increases our assets to $210 million and provides the two organizations an opportunity to strengthen their position as a leading community bank in the central Wisconsin area.”
The boards of directors felt it was important they continue to have the same customer-friendly philosophy the individual banks have always had, and with that in mind, no personnel changes are being contemplated other than some shifts in roles and responsibilities.
Heritage Bank President Marty Reinhart commented, “We both offer the same community focus with local decision making, and by combining our resources, we can expand our capabilities now and into the future.”
Both banks are over 100 years old, having been chartered in 1908. By moving forward on a combined basis, they will be better able to continue their mission of serving the financial needs of their customers and communities while operating as a financially strong, independent community bank.