Small banks in Milwaukee, Waukesha to merge
Agreement is "structured as a merger of equals," CEO says
Two small savings banks — one in Waukesha and the other in Milwaukee — plan to merge, the banks announced Wednesday.
First Federal Bank of Wisconsin, of Waukesha, and Bay View Federal Savings and Loan Association, in Milwaukee, plan to operate under the First Federal Bank of Wisconsin name and be headquartered in Waukesha after the merger wins regulatory approval. The deal is expected to be completed in mid-2014.
"This merger will provide us with an enhanced capacity to better serve our customers and jointly expand, while we both keep our local roots," Gary Riley, president and chief executive of First Federal, said in a statement.
Stephen Johnson, president and CEO of Bay View Federal, said the combination of the two banks was "structured as a merger of equals."
"This gives us the opportunity to offer more products and services to our customers and local community," Johnson said.
According to the Federal Deposit Insurance Corp., First Federal Bank of Wisconsin had a profit of $287,000 in 2013. When the year ended, it had assets of almost $120 million.
First Federal has three branches in Waukesha and is in the process of opening one in Brookfield. First Federal was founded in 1922.
Bay View Federal Savings and Loan Association had net income of more than $1.2 million in 2013, FDIC data shows. It had assets of $134.5 million at year's end.
Bay View Federal's home office at 3974 S. Howell Ave. will become a branch of First Federal when the merger is completed. Bay View Federal started in 1915.
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