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Baylake Bank Selling Berlin and Poy Sippi Branches

First National Bank of Berlin and Baylake Bank have entered into a Deposit Assumption Agreement whereby The 1st National Bank of Berlin will purchase approximately $26 million of deposits from Baylake Bank’s Berlin and Poy Sippi offices, located respectively in Green Lake and Waushara counties in Wisconsin. Under the agreement, loans and other fixed assets will be retained by Baylake Bank. The transaction is subject to regulatory approval and is expected to be completed byNov. 8, 2013. Edelman & Co., Ltd. served as financial adviser for Baylake Bank on the transaction.

Upon conversion of the deposit accounts to 1stNational Bank, Baylake Bank plans to close their physical banking locations at N4386 State Road 49 in Poy Sippi and 764 Broadway in Berlin.The last day of operation at these two offices is anticipated to be Nov. 8, 2013.

1stNational Bank, headquartered inBerlin, currently has banking offices inBerlin,Green Lake,Green Bay,Montello, Poy Sippi, Omro, Westfield, Waunakee and Winneconne, and has $305 millionin total assets. According to Thomas Jensen, president and CEO of 1st National Bank, he sees the purchase as an opportunity to combine resources, resulting in greater efficiency for the bank and added conveniences for the customers.

“Because Baylake Bank’s core values and reputation align with our own, we know that the acquisition is a good fit for everyone involved.We are excited to welcome the new account holders to the 1st National Bank family and intend to make the transition seamless,” said Jensen.

Baylake Bank, which has $945 million in total assets, is headquartered in Sturgeon Bay, and currently serves individuals and businesses from 22 community financial centers throughout Brown, Door, Green Lake, Kewaunee, Outagamie and Waushara counties.

“We are excited to have found a community bank partner in 1stNational Bank with an experienced staff of professionals who are committed to continuing a high level of customer service and already provide quality banking solutions to residents and businesses in and around Berlin and Poy Sippi,” said Robert J. Cera president and CEO of Baylake Bank.