National Exchange Bank & Trust invests in American Bank
Steve’s breakdown: American Bank will now be merged with National Exchange and we suspect they’ll have to get the word out to all those American customers/potential customers. They do not have an AOR.
BTW: These mergers happen all the time – everywhere, so keep an eye open in your neighborhood.
FOND DU LAC, WI: American Bank, which is owned by the parent company of Fond du Lac’s National Exchange Bank & Trust, will be rebranded this year under the National Exchange name.
Peter Stone, NEB Corp. chairman and chief executive, said Wednesday that American Bank, also of Fond du Lac, will be merged into National Exchange Bank & Trust in the second half of 2016, pending regulatory approval.
Combining the two banks will make National Exchange one of the five largest banks based in Wisconsin, with about $1.85 billion in assets
In addition, NEB Corp. announced Wednesday that Mike Burch, president and chief operating officer of National Exchange Bank & Trust, plans to retire after the merger is completed. Eric Stone will be vice chairman and chief executive of National Exchange, and Jim Chatterton, who is CEO of American Bank, will become president and COO of the combined bank.
“This is an exciting opportunity and a logical next step,” Chatterton said in a statement. “As the financial industry has become more highly regulated and margins compressed, this merger leverages the strengths of each bank and puts the combined entity in an even greater position for growth.”
The move also officially will give National Exchange Bank & Trust its first branch in Waukesha County. American Bank’s office in Waukesha has the most deposits among any of its six branches, regulatory records show.
Currently, according to FDIC data, National Exchange has assets of almost $1.4 billion. It posted a profit of $21.3 million in 2015. It has 27 branches.
American Bank has assets of about $485 million. It had a profit of $4.9 million in 2015.