Jon D. Kachel
(WHITEWATER, Wis.) – Commercial Bank and its parent company will be merging with First American Bankshares, Inc., the parent company of PremierBank (headquartered in Fort Atkinson, WI). The parties recently signed a binding agreement. The transaction requires regulatory approval. The parties anticipate the closing to occur late in the second quarter of 2017, with integration of the two banks to be completed in the fourth quarter of 2017.
Jon Kachel, President of Commercial Bank stated "We are excited to combine with such a strong partner as PremierBank which shares our commitment to providing excellent customer service. With the common philosophy of our two community banks, this merger will be highly favorable for our customers, employees and the communities we serve."
Roy Budlong, President/CEO of PremierBank commented “this is a great opportunity to combine two strong community banks. We look forward to serving the customers of Whitewater and Janesville and helping them to achieve their financial goals.”
Commercial Bank's locations in Whitewater and Janesville will become branches of PremierBank and continue to serve those communities. The combined bank will employ over 119 associates in ten locations. Following the merger, PremierBank will have approximately $415 million in assets, giving it more opportunities to compete and grow. PremierBank’s headquarters will remain in Fort Atkinson.
1. About Commercial Bank (https://www.commercialbankww.com/)
Commercial Bank was founded in Whitewater, Wisconsin in 1913 and has grown to approximately $100 million in assets. Commercial Bank is a locally owned, independent community bank with a goal to provide personalized, quality service to every customer it serves. There are currently locations in Whitewater and Janesville, Wisconsin.
2. About PremierBank (https://www.bankwithpremier.com/)
PremierBank is devoted to improving the lives of its customers by being an independent, high-performance, community-minded financial resource. Founded in 1863, it is committed to serving its communities by providing a safe environment for its depositors' funds, making prudent lending and investment decisions while remaining a competitive force in the marketplace. PremierBank has grown to approximately $315 million in assets, with eight locations throughout Jefferson County.
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