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Wisconsin-based credit union Superior Choice to buy Dairyland State Bank

Wisconsin's Superior Choice CU is acquiring Dairyland State Bank in the second bank deal with a credit union buyer in 2018.

The Superior-based credit union had $413.7 million in assets at the end of 2017; Bruce-based Dairyland, a Dairyland Bancorp Inc. subsidiary, had $79.1 million.

Terms of the deal were not disclosed. For reference, SNL valuations for bank and thrift targets in the Midwest between Feb. 20, 2017, and Feb. 20, 2018, averaged 157.49% of book, 163.15% of tangible book and had a median of 18.93x last-12-months earnings, on an aggregate basis.

The merger is still subject to regulatory approval, according to Superior's website, but is expected to close in the second half of the year. All employees and Dairyland branches will be retained. In Wisconsin, Dairyland operates one branch in Chippewa County, where it ranks No. 11 with a 1.30% share of approximately $798.8 million in total market deposits, and one branch in Sawyer County, where it ranks sixth with a 1.67% share of approximately $376.0 million in total market deposits. It also has one branch in Taylor County, where it ranks sixth with a 4.85% share of approximately $406.2 million in total market deposits, and two branches in Rusk County, where it ranks fourth with a 12.27% share of approximately 247.6 million in total market deposits.

Howard & Howard Attorneys PLLC, with Michael Bell as lead attorney, served as Superior's legal counsel in the deal. Dairyland was represented by Randi Osberg of Ruder Ware LLSC.

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