Hub City Times

Top Menu

  • Contact Us
  • E-Editions
  • Subscribe

Main Menu

  • News
    • Around the County
    • Arts & Ent
    • Education
    • Government
    • Local
    • Police / Sheriff Calls
  • Covid 19
  • Opinion
  • Sports
    • Sports News
    • High School Sports Scores
    • Wisconsin Rapids Rafters
  • Coming Events
  • Business
  • Obits
  • Classifieds
    • Place Ad
    • View Ads
  • Legal Ads
    • Our Legals
    • Statewide
  • Senior Photos 2021
  • Contact Us
  • E-Editions
  • Subscribe

logo

Hub City Times

  • News
    • Around the County
    • Arts & Ent
    • Education
    • Government
    • Local
    • Police / Sheriff Calls
  • Covid 19
  • Opinion
  • Sports
    • Sports News
    • High School Sports Scores
    • Wisconsin Rapids Rafters
  • Coming Events
  • Business
  • Obits
  • Classifieds
    • Place Ad
    • View Ads
  • Legal Ads
    • Our Legals
    • Statewide
  • Senior Photos 2021
BusinessFeatured
Home›News›Business›First State Bank to acquire Pioneer Bank

First State Bank to acquire Pioneer Bank

By Hub City Times
May 1, 2019
2284
0
Share:
Pioneer Bank Marshfield

For Hub City Times

NEW LONDON – First State Bancshares, Inc., parent company of First State Bank, has entered into a definitive purchase agreement with Pioneer Bancorp, Inc., parent company of Pioneer Bank which has seven offices in North Central Wisconsin: Auburndale, Greenwood, Marshfield, Rozellville, Stevens Point, Wisconsin Rapids, and Withee.

Pending regulatory approval and Pioneer Bancorp, Inc. shareholder approval, the purchase is expected to close early this fall. First State Bancshares, Inc. will acquire 100 percent of the outstanding common stock of Pioneer Bancorp, Inc. Pioneer Bank’s seven offices will subsequently merge with First State Bank in early 2020 and operate under the First State Bank name.

When the merger is complete, Jeff Whitrock, president and CEO of Pioneer Bank will join First State Bank as senior vice president/chief market development and sales officer. He will lead the growth and development of the bank’s business and personal banking across its entire market area. Jim Nowak, Pioneer Bank’s chief financial officer, will also join First State Bank as senior vice president and chief operations officer, responsible for overseeing all aspects of operations. Robert Van Asten will continue to lead First State Bank as president and CEO.

Van Asten commented, “Our two organizations are very complementary and together will be stronger in providing customers with the best products, convenience, and fantastic service from people they know and trust. We are both committed to the principles of community banking serving families, businesses and communities in North Central Wisconsin.”

“Like Pioneer Bank, First State Bank has a long history as an independent community bank with offices in rural communities,” said Jeff Whitrock, president and CEO of Pioneer Bank. “With our merger, we’ll be preserving Pioneer’s original 1910 core values and the personal relationships our employees have built with our customers and communities.”

First State Bank has offices in New London, Clintonville, Manawa, Waupaca, Cecil, and Rudolph with total assets of $300 million. Pioneer Bank’s total assets are $160 million.

Ruder Ware served as legal counsel to Pioneer Bancorp, Inc. and Pioneer Bank in connection with the transaction, and Wipfli Corporate Finance Advisors, LLC served as Pioneer’s financial advisor.  Boardman & Clark served as legal counsel to First State Bancshares, Inc. and First State Bank.

TagsFirst State BankmergePioneer Bank
Previous Article

Marshfield Science Bowl travels to nationals

Next Article

Marshfield Police Blotter: April 23-29, 2019

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Marshfield Clinic
    BusinessFeaturedLocal

    Dickinson County Healthcare System joins Marshfield Clinic Health System

    February 3, 2022
    By Hub City Times
  • Business

    Hotel Marshfield photo gallery

    August 6, 2014
    By Hub City Times
  • Business

    Hotel Marshfield combines sophistication with comfort

    August 6, 2014
    By Hub City Times
  • BusinessFood

    Marshfield Farmers’ Market in full bloom

    August 9, 2014
    By Hub City Times
  • BusinessFoodPhoto Gallery

    Marshfield Farmers’ Market Photo Gallery

    August 9, 2014
    By Hub City Times
  • Business

    Fundraising for Library and Community Center over Halfway Complete

    August 13, 2014
    By Hub City Times

About Us


Hub City Times is published by Multi Media Channels LLC, N2919 County Road QQ Waupaca, WI 54981.

Copyright © 2020 Multi Media Channels, All Rights Reserved. Designed by MMC Team Awesome
×