Monona Bankshares, Inc., the parent company of Monona State Bank, has finalized their acquisition of MCB Bankshares, the parent company of Middleton Community Bank.

Both Monona State Bank and Middleton Community Bank will continue to run independently until June 12th, 2017, when the two banks are expected to be fully integrated. Monona State Bank President & CEO Paul Hoffmann stated, “With the transaction complete, our bank is now focused on the work necessary to ensure that the integration of our banks is seamless for clients of both banks.”

Mr. Hoffmann believes “this transaction makes sense for many reasons, especially because both banks are locally owned and share similar management philosophies and dedication to grow their communities.” He added that “when our banks are fully integrated in June, our combined banks will be able to offer increased services and locations while retaining the same knowledgeable advisors our clients at both banks are familiar with.”

No positions will be lost as a result of the merger and once merged the bank will employ more than 150 associates. After June 12th, Monona State Bank will have nine locations around the Madison area. All five Middleton Community Bank locations in Middleton, Cross Plains, Belleville, Sauk City and Brooklyn will remain open, as will all four Monona State Bank locations in Monona, Madison and Cottage Grove.

Monona State Bank’s headquarters will remain in Monona and when the two banks are fully integrated, the combined bank will have more than $800 million in assets.