Time Federal Savings Bank to acquire River Cities
For the Hub City Times
MEDFORD/WISCONSIN RAPIDS – Time Federal Savings Bank (Time Federal) and River Cities Bancshares, Inc. (River Cities), announced May 3 that they have executed a definitive agreement for Time Federal to acquire River Cities and its wholly-owned subsidiary, River Cities Bank. The transaction will result in a community bank with nine offices and approximately $800 million in assets. Time Federal intends to offer positions to all River Cities Bank employees following the completion of the transaction. No retail offices will be closed as a result of the transaction.
In announcing the transaction, Time Federal President/CEO William A. Weiland stated, “This is a very positive arrangement for both banks to continue to focus on community banking while melding the consumer banking strengths from Time Federal Savings Bank with the business banking strengths from River Cities Bank. In addition, our physical markets are adjacent without overlap. This will allow us to maximize our potential to keep all of our current employees working together as a team.”
Jerome R. Gebert, chairman of the board of River Cities and River Cities Bank, said, “As a result of a thorough process, we are pleased to announce a transaction that will benefit our shareholders, customers and employees. Our customers will gain access to a larger financial institution with the ability to offer larger loans while maintaining its focus on the quality personal service that a strong, independent, local community bank is uniquely qualified to offer. And all of our employees will have the opportunities provided by a larger institution.”
The transaction is expected to be completed in the fourth quarter of 2019, subject to approval by bank regulatory authorities and the shareholders of River Cities, as well as the satisfaction of other customary closing conditions.
Time Federal has locations in Eau Claire, Marshfield, Medford, Owen, Phillips, and Wausau.
River Cities has locations in Baraboo, Stevens Point, and Wisconsin Rapids.