Peoples State Bank acquires Northwoods National Bank of Rhinelander
PSB Holdings, Inc. and Peoples State Bank President and The Baraboo National Bank (Baraboo), operator of the Northwoods National Bank Rhinelander branch (Northwoods Rhinelander), announced today they have entered into an agreement for Peoples State Bank to acquire the assets, loans, and deposits of Northwoods Rhinelander as well as certain loans from the Northwoods branch located in Elcho.
The purchase includes approximately $22 million of performing loans and $44 million of deposits as of Dec. 31, 2013. Peoples will also purchase the Northwoods Rhinelander branch building and expects to operate this new branch within the existing facility in addition to maintaining its existing Rhinelander branch location.
The addition of the new branch is expected to bring Peoples to the highest deposit market share in the city of Rhinelander, as well as 17 percent of the total deposit market share in Oneida County.
The transaction is subject to regulatory approval and other customary closing conditions. It is expected that the transaction will close in the late first quarter 2014.