Baylake’s Acquisition of NEW Bancshares is Complete

(Left to right) C. Jack Novak, Jeffrey W. Kleiman, Robert W. Agnew, and Robert J. Cera, gathered to sign and finalize the transaction on Dec. 4. Submitted.

Baylake Corp. (NASDAQ: BYLK), the holding company for Baylake Bank, announces the completion of the acquisition of NEW Bancshares, Inc. (“NEW”) and its wholly owned bank subsidiary, Union State Bank, with and into Baylake Corp. and its wholly owned bank subsidiary, Baylake Bank, respectively.

Robert J. Cera, President and CEO of Baylake Bank, Robert W. Agnew, Chairman of the Baylake Corp. Board, Jeffrey W. Kleiman, President of Union State Bank and C. Jack Novak, Chairman of the NEW Board, gathered to sign and finalize the transaction on Dec. 4, 2015.

Baylake Bank and Union State Bank professionals have worked together during the past six months to prepare for the transfer of business effective as of the close of business on Dec. 4. On Dec. 7, three Union State Bank locations will open as branches of Baylake Bank in Green Bay, Kewaunee and Two Rivers.

“This is a strong fit for both companies,” Kleiman said. “Working together creates a stronger bank committed to being a trusted partner in the markets we serve.” Kleiman will join Baylake Bank as a Senior Vice President.