First State acquires Pioneer Bank
For the City Times
NEW LONDON –First State Bancshares, Inc. has completed the purchase of Pioneer Bancorp, Inc. Pioneer Bancorp, Inc. is the parent company of Pioneer Bank.
The purchase paves the way for Pioneer Bank offices to merge with First State Bank and operate under the First State Bank name starting on Feb. 24. Until then, the offices will continue to operate as Pioneer Bank.
When the merger is complete, First State Bank will have 13 offices and total assets of approximately $450 million. First State Bank’s current locations are in New London, Clintonville, Manawa, Waupaca, Cecil, and Rudolph. Pioneer Bank has offices in Auburndale, Greenwood, Marshfield, Rozellville, Stevens Point, Wisconsin Rapids, and Withee.
When the merger is complete, Jeff Whitrock, president of Pioneer Bank will join First State Bank as senior vice president/chief market development and sales officer. 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. Bob Van Asten will continue to lead First State Bank as president and CEO.
“We are especially excited to welcome the Pioneer Bank leadership and employees to our team,” added Van Asten. “People bank with people they know and trust.”
The transaction closed on Oct. 9.