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Royal Bank to acquire State Bank of Cazenovia

In Wisconsin, Elroy-based Royal Bank has agreed to acquire Cazenovia-based State Bank of Cazenovia.

The financial terms of the deal were not disclosed.

The deal will help Royal Bank expand its footprint to Cazenovia and La Valle. Royal Bank has branches in central and southwest Wisconsin, including Adams, Avoca, Camp Douglas, Cassville, Cobb, Dickeyville, Elroy, Endeavor, Gays Mills, Hillsboro, Lancaster, Lone Rock, Mauston, New Lisbon, Oxford, Spring Green and Viroqua.

The transaction, subject to regulatory approvals, is expected to close in the summer of 2017.

SNL valuations for bank and thrift targets in the Midwest region between April 4, 2016, and April 4, 2017, averaged 141.39% of book, 143.74% of tangible book and had a median of 18.22x LTM earnings, on an aggregate basis.

Edelman & Co. Ltd. served as financial adviser, and Geier Homar & Roy LLP and Godfrey & Kahn SC served as legal counsel to State Bank.

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