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Peoples State Bank expands presence in Grant County

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Peoples State Bank announced last week that it has entered into an agreement to purchase FirstMerit Bank’s Lancaster, Fennimore, Dickeyville, and Potosi branches. The transaction involves the sale of the buildings, loans, and deposits associated with the branches. Pending regulatory approval, it is expected that the sale will close in July.

Mark Forsythe, president of Peoples State Bank, said the acquisition is consistent with the bank’s plan for growth.

“We really appreciate the opportunity to work with FirstMerit Bank on this acquisition and are extremely excited about increasing our bank’s presence in Grant County,” Forsythe added. “Our bank’s history of service in southwest Wisconsin and northeast Iowa is a great story and we are anxious to begin meeting and working with the farmers, businesses and residents of Lancaster, Fennimore, Dickeyville, and Potosi to write another chapter.”

“We expect the transaction to be seamless for customers,” said Jim Brocklehurst, executive vice president of retail banking at FirstMerit. “Peoples State Bank’s dedication to customers and the community is impressive and this transaction provides a great opportunity for a local southwest Wisconsin bank to make a positive impact on the area.”

Edelman & Co., Ltd. served as financial adviser and Boardman & Clark LLP served as legal counsel for Peoples State Bank on the transaction. FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $25.5 billion as of Dec. 31, 2015, and 366 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania.

Peoples State Bank has been serving financial needs in the region for over 100 years. The bank currently operates 15 full-service retail offices located in Crawford, Vernon, and Grant Counties in Wisconsin and Clayton County in Iowa with $647 million in assets.  The bank is locally-owned and locally-managed and is committed to providing its customers with personal service.

For more information, contact Forsythe at Peoples State Bank  at 326-3500.

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