STURGEON BAY, Wis.,
Dec. 4, 2015 /PRNewswire/ -- Baylake
Corp. (NASDAQ: BYLK), the holding company for Baylake Bank, which
provides full service banking and financial services in
Northeast Wisconsin, announces the
completion of the acquisition of NEW Bancshares, Inc. ("NEW") and
its wholly-owned bank subsidiary, Union State Bank, with and into
Baylake Corp. and its wholly-owned bank subsidiary, Baylake Bank,
respectively.
Robert J. Cera, President and CEO
of Baylake Bank, Robert W. Agnew,
Chairman of the Baylake Corp. Board, Jeffrey W. Kleiman, President of Union State
Bank and C. Jack Novak, Chairman of
the NEW Board, gathered to sign and finalize the transaction on
Friday, December 4, 2015.
Baylake Bank and Union State Bank professionals have worked
together over the past six months to prepare for the transfer of
business effective as of the close of business on December 4, 2015. On Monday, December 7, 2015, three Union State Bank
locations will open as branches of Baylake Bank: 3223 Main
Street, Green Bay, 931 Marquette
Drive, Kewaunee and 2221 Lincoln Avenue, Two Rivers. The
Union State Bank located at 223 Ellis Street, Kewaunee will close at the end of the business
day on Friday, December 4, 2015, and
operations of that branch will be consolidated with Baylake Bank's
branch office located at 519 Main Street, Kewaunee.
Cera commented "Due to the diligent work of both Baylake and
Union employees, we are prepared to deliver a great client
experience in a market both banks have served for well over a
century. We are confident Union customers will experience a smooth
transition to Baylake Bank and are thrilled to have retained many
Union employees who have helped these customers for years."
"This is a strong fit for both companies," stated Kleiman,
"working together creates a stronger bank committed to being a
trusted partner in the markets we serve." Kleiman will join
Baylake Bank as a Senior Vice President.
Baylake Bank has been serving the Kewaunee community since the late 1800s when
both the State Bank of Kewaunee
and Bank of Sturgeon Bay were
originally chartered. The two banks served their communities
side-by-side until 1994, when the Bank of Sturgeon Bay and the State Bank of
Kewaunee merged under the Baylake
Bank name. Cera added, "We are proud to officially partner
with the Union State Bank family."
Baylake Bank is a subsidiary of Baylake Corp. (NASDAQ: BYLK),
headquartered in Sturgeon Bay,
Wisconsin. Baylake Bank provides banking and financial
services from community financial centers located throughout
Northeast Wisconsin. Baylake Bank, Member FDIC. An
equal housing lender.
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SOURCE Baylake Corp.