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PSB Holdings, Inc. Announces Agreement to Merge with Waukesha Bankshares, Inc. and Sunset Bank .
PSB Holdings, Inc.December 16, 2020 GMT
WAUSAU, Wis., Dec. 16, 2020 (GLOBE NEWSWIRE) PSB Holdings, Inc. (OTCQX: PSBQ) (“PSB Holdings”), parent company of Peoples State Bank (“Peoples”), Wausau, Wisconsin, and Waukesha Bankshares, Inc. (“WBI”), parent company of Sunset Bank & Savings (“Sunset”), today jointly announced the execution of an Agreement and Plan to Merge in a cash transaction whereby PSB will acquire WBI and Sunset.
Under the terms of the merger agreement, WBI (as the sole shareholder of Sunset) will receive approximately $9.6 million in cash, subject to adjustment as set forth in the merger agreement, for all outstanding common stock.
PSB to expand in southeastern Wisconsin with Sunset Bank deal
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Peoples State Bank acquires Sunset Bank & Savings
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Sunset Bank & Savings and its parent company Waukesha Bankshares, Inc. in a cash transaction, the company announced today.Terms of the deal were not disclosed.Founded in 1999, Waukesha-based Sunset Bank & Savings is a full-service privately-owned community bank with total assets of $141 million as of Sept. 30, 2020.“We’re excited to grow our community banking efforts in southeastern Wisconsin, and feel this merger is a perfect complement to our newly opened bank location in West Allis,” Peoples State Bank president and chief executive officer Scott Cattanach said in a statement. “Sunset Bank’s customers will find Peoples to be a strong community bank, with excellent customer service standards, and all the digital products normally found at regional or national banks.”Following the acquisition, Sunset’s single location in Waukesha will convert to the Peoples State Bank brand in June of 2021, ac
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