S.B.C.P. Bancorp, Inc. Announces Agreement to Acquire Union Bancorp of Evansville, Inc.
CROSS PLAINS, WI – S.B.C.P. Bancorp, Inc. (“SBCP”) and Union Bancorp of Evansville, Inc. (“Union Bancorp”), the bank holding company for Union Bank & Trust Company (“UB&T”), jointly announced today the signing of an Agreement and Plan of Reorganization under which SBCP will acquire Union Bancorp and its subsidiary bank, UB&T, in a cash and stock transaction. The transaction has been unanimously approved by the boards of directors of each company and is expected to close in the second quarter of 2019, subject to customary closing conditions, including approval from the shareholders of Union Bancorp and bank regulatory authorities.
The transaction will result in the merger of two strong and like-minded community banks, expanding the presence of State Bank of Cross Plains—a Wisconsin state-chartered institution and wholly-owned subsidiary of SBCP—from 10 locations in Dane County to a combined 15 locations operating in three southern Wisconsin counties. The five additional cities include Belleville, Brooklyn, Evansville, Janesville, and New Glarus, Wisconsin. Both organizations currently operate locations in Oregon, Wisconsin.
Jim Tubbs, President and CEO of State Bank of Cross Plains, said, “We are extremely excited to have the opportunity to join forces with the UB&T team and to continue the bank’s success and long-standing commitment to the communities it serves. We have an immense respect for the UB&T management and board of directors, and we look forward to continuing to work with the management team after consummation of the proposed merger. We intend to capitalize on the existing footprint of UB&T and to strategically grow the bank’s presence in Wisconsin, all while honoring the bank’s emphasis on building long-term relationships and providing exceptional levels of service.”
Just recently completing its 110-year anniversary celebration, State Bank of Cross Plains currently operates 10 locations throughout Dane County and offers a full range of business and personal financial services, including business, real estate, and consumer lending, as well as wealth management and financial advisory services. UB&T was established in 1897 and operates from six locations. As of September 30, 2018, UB&T had approximately $258.61 million in assets, $205.69 million in total loans and leases, and $214.90 million in deposits. The combined organization will have more than $1.25 billion in assets, $1.00 billion in total loans and leases, and $1.03 billion in deposits.
“This merger is a tremendous opportunity, and we are excited about the potential this partnership will bring to our customers, employees, and communities going forward,” said Stephen J. Eager, President and Chief Executive Officer of UB&T. “For us, it was about finding the right partner, someone who would mirror our image and help us expand our relationships throughout the bank’s market area. To team up with a group that has shown a very strong commitment to the state will not only strengthen our banking relationships, but will provide the resources for continued growth in this highly competitive marketplace.”
Hunton Andrews Kurth LLP acted as legal advisor and Bank Advisory Group, LLC, acted as financial advisor to SBCP. Godfrey & Kahn, S.C., acted as legal advisor and The Oak Ridge Financial Services Group, Inc., acted as financial advisor to Union Bancorp.
For more information, feel free to contact:
S.B.C.P. Bancorp, Inc. Jim Tubbs, (608) 798-3961
Union Bancorp of Evansville, Inc. Steve Eager, (608) 490-2251