(Horicon) Horicon Bank will be merging with Markesan State Bank. Sword Financial Corporation, the holding company of Horicon Bank, has announced that it entered into an Agreement and Plan of Merger on February 15th to acquire Markesan Bancshares, Inc., the holding company for Markesan State Bank.
Horicon Bank President Frederick Schwertfeger is looking forward to joining forces saying the institution will “continue to build and strengthen the relationships that have been forged for many years by Markesan.”
Markesan Bank CEO Debra Lins says she is pleased with this merger noting that the affiliation will be beneficial to both their customers and the communities.
Schwertfeger says they look forward to embracing the new branches in neighboring cities. Markesan State Bank has locations in Markesan, Randolph, and Waupun. Horicon Bank currently operates fifteen locations in Dodge, Fond du Lac, Green Lake, Winnebago, Calumet, and Washington counties.
The combined institution will have approximately $880 million in total assets; Horicon Bank has $750 million, and Markesan State Bank has $130 million.
The transaction is expected to be completed in late second quarter or early third quarter of 2019, pending regulatory approval and approval by Markesan shareholders.