Shareholders of MCB Bankshares, the parent company of Middleton Community Bank, voted recently to approve their acquisition by Monona Bankshares, Inc., the parent company of Monona State Bank. This follows the shareholder approval of the acquisition by shareholders of Monona Bankshares last month.

This merger has also already received all of the necessary federal and state financial regulatory approvals needed for the acquisition to move forward. The merger is expected to close on January 3, 2017, with a targeted final integration date for the two Madison-area banks of June 12, 2017.

Monona State Bank President Paul Hoffmann is very pleased with the overwhelmingly positive votes from shareholders of both bank holding companies, as well as the speed of federal and state approvals. He feels that “this merger makes sense because both banks are locally owned and focused on their communities.” He added that “while both banks have traditionally been focused on growing organically, we realized that this merger would allow us to offer the increased services and locations that clients are asking for much sooner and more efficiently, and still keep our bank truly locally owned.”

After the banks merge Monona State Bank will employ more than 150 associates in nine locations. They will continue to operate the Middleton Community Bank locations in Middleton, Cross Plains, Belleville, Sauk City and Brooklyn. The combined bank will have $775 million in assets. Monona State Bank’s headquarters will remain in Monona. The merger allows the banks to stay locally owned and save jobs with no anticipated layoffs. 

About Monona State Bank

Monona State Bank is a locally owned and managed bank that believes “together, we prosper.” Founded in 1991, it is committed to making communities great places to live, work and raise a family. Monona State Bank has grown to about $475 million in assets with two locations in Monona, and one each in Madison and Cottage Grove. http://www.mononabank.com

About Middleton Community Bank

Middleton Community Bank has about $300 million in assets while serving more than 10,000 accounts since opening in 1995. Its mission is to provide quality products and personal service to customers in Middleton, Belleville, Brooklyn, Cross Plains, Sauk Prairie, and surrounding communities in South Central Wisconsin. http://www.middletonbank.com