Horicon Bank and Cornerstone Community Bank, based in Grafton, Wisconsin, announce plans to merge, pending customary regulatory and shareholder approvals.
Frederick F. Schwertfeger, Horicon Bank Chief Executive Officer says the merger offers a strong partnership for both Cornerstone Community Bank customers and the bank’s local communities.
“We are blessed to find such a complementary partner bank in Cornerstone Community Bank based in the great Wisconsin communities of Grafton, Menomonee Falls, and Slinger,” said Schwertfeger. “Cornerstone Community Bank shares the same commitment to those communities that Horicon Bank demonstrates in their own. We are here to help our communities reach their full potential.”
Paul A. Foy, Cornerstone Community Bank President agreed. “We see Horicon Bank as having a similar family atmosphere and value system for our employees,” said Foy. “They have a strong business banking function which will enhance services to our customers.”
The transaction will combine two similar state regulated banks with traditions of providing high quality personalized banking service to their respective communities.
Horicon Bank is a full-service community bank with twenty locations in fifteen communities, including their newest location in New Berlin, Wisconsin. Cornerstone Community Bank is in three communities and has $250 million in assets.
Schwertfeger said the merger will also enhance the future regional flagship bank branch soon to be located at The Mayfair Collection in Wauwatosa. Horicon Bank recently broke ground on their Wauwatosa site, which they expect to open in 2023.
The combined organization will retain Horicon Bank’s “The Natural Choice” brand and will be a $1.5 billion bank with a $20+ million legal lending limit.
Reinhart Boerner Van Deuren s.c. served as legal counsel and Performance Trust Capital Partners, LLC served as financial adviser to Horicon Bank in the transaction. Godfrey & Kahn, S.C. served as legal counsel and Edelman & Co., Ltd. served as financial adviser to Cornerstone Community Bank.