Fort Atkinson, Wis.-based First American Bankshares Inc., the parent of PremierBank, agreed to acquire Whitewater, Wis.-based Commercial Bancshares Inc. and unit Commercial Bank.
SNL valuations for bank and thrift targets in the Midwest region between May 27, 2016, and May 27, 2017, averaged 143.79% of book, 146.79% of tangible book and had a median of 20.24x last-12-months earnings, on an aggregate basis.
Subject to regulatory approval, the deal is expected to close during the third quarter. Integration of the two banks is expected to be completed in the fourth quarter, with the combined bank employing more than 119 associates in 10 locations.
Based on data compiled by SNL, First American Bankshares Inc. will enter Rock County, Wis., with one branch to be ranked No. 16, with a 0.73% share of approximately $2.25 billion in total market deposits; and it will enter Walworth County, Wis., with one branch to be ranked ninth, with a 3.98% share of approximately $1.67 billion in total market deposits.
As of March 31, PremierBank had $304.0 million in assets, while Commercial Bank had assets of $97.2 million, per SNL data.