GREEN BAY – Nicolet National Bank has announced its plans to acquire Commerce State Bank.
Once the transaction is completed as expected in the third quarter of 2020, all Commerce Bank branch offices will open as Nicolet National Bank branches.
Commerce State Bank opened in 2005 and is a full-service, state-chartered bank headquartered in West Bend with additional offices in Cedarburg, Elm Grove and Sheboygan.
As of December 31, 2019, the combined company will have total assets of $4.3 billion, deposits of $3.6 billion and loans of $3.2 billion, as Commerce would represent approximately 16% of the combined company’s year-end assets.
Mike Daniels, President and CEO of Nicolet National Bank said, “We are excited to partner with great people who have a purpose very complementary to ours: to serve our customers, shareholders, and each other. Both Nicolet and Commerce are entrepreneurial organizations that know what it’s like to build a business from scratch. This quality allows us to relate to each other and our customers, and will be a driving force as we move toward integrating our two cultures in the coming quarters.”
Based on Nicolet’s closing price of $72.32 as of February 14, 2020 the merger consideration is valued at approximately $129.6 million.
Joe Fazio, CEO of Commerce said, “We have known Nicolet for a long time and we like their reputation for doing things the right way. We are going to leverage the combined strengths of Commerce and Nicolet, which are our people and relationship-focused attitudes, to accelerate our growth. The time feels right for the next chapter.”