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Wisconsin-based First State BancShares acquires in-state peer Pioneer Bancorp

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Wisconsin-based First State BancShares acquires in-state peer Pioneer Bancorp

New London, Wis.-based First State BancShares Inc. closed its acquisition of Auburndale, Wis.-based Pioneer Bancorp Inc. on Oct. 9, OnFocus News reported.

The offices of Pioneer Bancorp unit Pioneer Bank will continue to operate as Pioneer Bank until Feb. 24, 2020, when these offices will begin operating under the name of First State BancShares unit First State Bank.

As previously disclosed, Pioneer Bank President Jeff Whitrock will become senior vice president and chief market development and sales officer of the combined bank. Pioneer Bank CFO Jim Nowak will be senior vice president and COO.

First State Bank, which will continue to be led by President and CEO Bob Van Asten, will have about $450 million in total assets when the merger is completed, according to the report.