MCB Bankshares

Jan 2, 2019

CAPITAL NEWSPAPERS ARCHIVES Two Madison-area community banks have combined. Monona Bankshares, Monona State Bank’ s parent company, has finalized the acquisition of MCB Bankshares, Middleton Community Bank ’s parent company. In the $40 million cash and stock transaction, owners of MCB stock received $32.13 per share, said Tim Ryan, senior vice president and chief financial officer of Monona State Bank. Each bank had about 400 shareholders. The merged institution has 650 to 700, Ryan said. The banks will continue to run separately until June 12, when their data integration is expected to be completed. “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 advisers our clients at both banks are familiar with,” said Paul Hoffmann, who will remain Monona’s president and CEO. The merged bank is called Monona State Bank and has its headquarters in Monona. It has $815 million in assets, more than 150 employees and nine locations in the Madison area: in Madison, two in Monona, Cottage Grove, Middleton, Cross Plains, Belleville, Brooklyn and Sauk City. There is a lot of common ground between the two financial institutions, Hoffmann said. “Both banks are locally owned and share similar management philosophies and dedication to grow their communities,” he said in a written statement. No branches will close and no employees will lose their jobs, Monona State Bank said. Monona State Bank was founded in 1991. Middleton Community Bank opened for business in 1995. This is the second expansion for Monona State Bank in three years. It opened its Madison branch in January 2014 at 1965 Atwood Ave., at the corner of Atwood and Winnebago, in a historic, century-old, red-brick bank building. Tags