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2 Wisconsin banks strike MOE

InWisconsin, Stratford-based Stratford State Bank and Spencer-based agreed to combine in amerger-of-equals deal,the Hub City Times of Marshfieldreported Oct. 5.

Thedeal requires approvals from shareholders and regulators.

SNL valuations for bank and thrift targets in theMidwest region between Oct. 3, 2015 and Oct. 3, 2016 averaged 132.16% of book,135.92% of tangible book and had a median of 18.24x last-12-months earnings, onan aggregate basis.

StratfordState Bank ($109.5 million) is a unit of Stratford Bancshares Inc., while Heritage Bank ($104.8million) is a unit of SpencerBancorp Inc.

Data compiled by SNL shows that the combined bank willoperate two branches in Marathon County, Wis., to be ranked ninth with a 3.83%share of approximately $3.13 billion in total market deposits and will operateone branch in Wood County, Wis., to be ranked No. 12 with a 2.75% share ofapproximately $1.71 billion in total market deposits.

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