Merchants Bank and Alliance Bank have come to an agreement for Merchants Bank to purchase an Alliance Bank location in Eau Claire, according to Merchants Financial Group, Inc. President & CEO Richard L. Mahoney.
“We believe this is an excellent opportunity to expand into an important market,” Mahoney said. “We believe that our expertise in business banking and company resources will be appealing to business owners in the Eau Claire area.”
The purchase includes the Alliance Bank Mall Drive location, as well as deposits and loans from the Mall Drive location and Alliance’s Pinnacle Way location. All told, Merchants Bank will be acquiring about $48 million in deposits and $17 million in loans.
“We know that Merchants Bank will take care of customers from both locations and will provide those customers the service they have come to expect,”said V. Philip Reim of Alliance Bank.
Terms of the sale were not released. Pending regulatory approval, Mahoney said he anticipates the sale being completed near the middle of February.
“Our strong equity position allows us to act on opportunities that make sense for us to pursue,” Mahoney said. “With our organic growth and acquisitions, we expect continued growth for the foreseeable future.”