In addition, AnchorBank announced that it has reached an agreement with Lake Area Bank, based in Lindstrom, Minnesota, to sell three S&C Bank branches that are located in Minnesota.
AnchorBank and S&C Bank employees are working together to combine the operations of the two banks, which is expected to be formally completed in early February, 2008. Charlie Bullock, the president and CEO of S&C Bank, will continue with AnchorBank, serving as the executive vice president of the northwest region.
Mark Timmerman, president and CEO of AnchorBank, said: The combination allows AnchorBank to establish a presence in one of the most rapidly growing regions in Wisconsin. It will also mean an expanded line of products and services for S&C Bank customers, who will continue to receive the exceptional personal service they have come to expect from their community bank.
