First State Bank and Pioneer Bank complete merger
For the City Times
NEW LONDON – After months of planning and preparations, First State Bank has completed its merger of Pioneer Bank.
First State Bank is an independent community bank headquartered in New London. The merger expands the bank’s service area in central Wisconsin, adding seven offices in Wisconsin Rapids, Stevens Point, Marshfield, Auburndale, Rozellville, Greenwood, and Withee. First State Bank first entered the region in 2017 when it acquired Farmers and Merchants Bank in Rudolph. It now has 13 offices throughout Waupaca County and central Wisconsin and total assets of approximately $450 million.
“We are excited to build on Pioneer’s strong community bank philosophy with expanded lending capabilities, enhanced online and mobile banking technologies, and a continued commitment to local decision making and supporting our communities,” said Van Asten.
Van Asten noted that First State Bank, like Pioneer Bank, has a long history of lending to dairy farms and other agri-business, which also makes the merger a great fit.
A grand opening is planned for mid-April.