National Exchange Bank & Trust and American Bank Announce Merger
FOND DU LAC, Wisc. – NEB Corp. Chairman and CEO Peter Stone announced today that the two banks held under the NEB Corp. holding company, National Exchange Bank & Trust and American Bank, will be merging under the National Exchange Bank & Trust name in 2016.
A leadership team comprised of representatives from both financial institutions is coordinating a transition plan with the intent of preserving a quality customer experience. “While each bank has had its own individual identity, the similarities in management philosophy and product offerings will minimize employee impact while providing a positive customer experience,” Stone commented. “Both institutions have a strong community banking philosophy and financial strength, and that is a commitment that will continue to take precedence as we move forward.”
Mike Burch, current president and COO of National Exchange Bank & Trust, has announced his retirement later in 2016, after the completion of the merger. He said, “The two banks have many synergies that make a merger a natural move for efficiencies and succession planning. I look forward to transitioning these two highly performing banks into one institution.”
The leadership of the combined entity will include Eric Stone as the vice chairman and CEO, and Jim Chatterton, current chief executive officer of American Bank, as president and COO. “This is an exciting opportunity and a logical next step. As the financial industry has become more highly regulated and margins compressed, this merger leverages the strengths of each bank and puts the combined entity in an even greater position for growth,” Chatterton stated.
The transaction is scheduled to be completed in the second half of this year, pending regulatory approval.
National Exchange Bank has been a pillar of stability in the Fond du Lac community since it first opened its doors on December 20, 1933, in downtown Fond du Lac. With its 27 locations throughout Southeastern Wisconsin, its geographical reach covers Fond du Lac, Sheboygan, Dodge, Green Lake, Marquette, Columbia, Washington and Waushara counties. National Exchange Bank & Trust has more than $1.37 billion in assets and close to 300 employees. More information may be found at www.nebat.com.
American Bank opened its doors in 1968. Its founders, seven local business people, envisioned the bank’s role to reflect the characteristics of people helping people. Headquartered in Fond du Lac, it has five other Wisconsin offices located in Brownsville, Mayville, Omro, Princeton and Milwaukee. American Bank currently has more than $485 million in assets and 80 employees. More information may be found at www.ambank.com.
After the merger, the combined banks will have more than $1.85 billion in assets and 33 offices.