Two Milwaukee-area banking companies are merging through a transaction amounting to around $95 million in estimated value.
Brookfield-based North Shore Bank has agreed to buy the operator of Greenfield-based PyraMax Bank, 1895 Bancorp of Wisconsin Inc., according to a June 18 announcement.
The agreement was unanimously approved by both companies’ boards and is pending 1895 Bancorp stockholder and regulatory approvals. The transaction is expected to close during the fourth quarter.
1895 Bancorp shareholders will receive cash through a special dividend from 1895 Bancorp and a payment from North Shore Bank. The latter is subject to adjustment based on several factors, including 1895 Bancorp’s tangible equity at closing.
1895 Bancorp estimates the transaction value will range from $18.40 to $18.66 per share.
With 5.14 million shares outstanding, according to Yahoo Finance, that would translate to $94.6 million to $95.9 million.
PyraMax Bank had $597.7 million in assets and a six-branch network serving Franklin, Grafton, Greenfield, Mukwonago, South Milwaukee and Waukesha, as of March 31.
North Shore Bank is a mutual savings bank with assets of over $2.5 billion and more than 40 offices serving metro Milwaukee, Racine, Kenosha, Appleton, Menasha, Green Bay and Door County.
North Shore Bank has approximately 400 employees, while PyraMax has around 100 employees.
Asked by the Milwaukee Journal Sentinel about possible layoffs and branch closings, North Shore Bank President and CEO Jay McKenna said “we are thoughtfully planning what the future together looks like” before the transaction’s scheduled closing.
The pending transaction creates “a natural fit between two organizations that believe in community banking at its core,” McKenna said.
“It allows us to continue growing in markets we know well while expanding into a few new communities,” McKenna said, in a statement.
“By coming together, we can offer our customers even more – a broader branch network with extended service hours seven days a week, improved digital banking, and more personalized solutions,” said David Ball, president and CEO of PyraMax Bank.
(This article was updated to add new information.)
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Bluesky, X and Facebook.
This article originally appeared on Milwaukee Journal Sentinel: North Shore Bank buying PyraMax Bank owner for around $95 million
Reporting by Tom Daykin, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
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By Tom Daykin, Milwaukee Journal Sentinel | USA TODAY Network
