Baylake Corp. Acquires Bancshares, Inc.

Baylake Corp., holding company for Baylake Bank, announces the signing of a definitive agreement to acquire NEW Bancshares, Inc. in a cash and stock transaction. NEW, headquartered in Kewaunee, is the parent company of Union State Bank. Under the terms of the merger agreement, Baylake will pay approximately $9.7 million in total consideration in the merger subject to adjustment as described in the merger agreement. The transaction is expected to close late in the third quarter or early in the fourth quarter of 2015.

Robert J. Cera, president and CEO of Baylake, commented: “The merger with Union will increase the company’s market share in Kewaunee and Brown counties, and establish a presence in the Two Rivers market in northern Manitowoc County. We expect to continue delivering personalized banking solutions to Union’s customer base, with an expanded array of products and services, including the introduction of several new wealth services products.”