A local financial institution specializing in agricultural lending has been acquired by Nicolet National Bank Of Green Bay.
County Bancorp Inc., the parent company of Manitowoc-based Investors Community Bank will be bought by Nicolet Bankshares Inc. in an 80 percent stock, 20 percent cash deal valued at $219 million.
Nicolet National Bank President and CEO Mike Daniels says the acquisition aims at strengthening its agricultural lending business with plans to turn it into its own line of business rather than being a part of the bank’s commercial lending department.
Since its start in 1997, Investors Community Bank has focused on lending to farmers, particularly Dairy farmers-and is currently the nation’s second-largest provider of government-guaranteed loans via the U.S. Department of Agriculture Farm Service Agency’s Guaranteed Farm Loan Program.
But with only four branches including Manitowoc that lends to farms in 60 Wisconsin counties as well as to farms in Michigan, Illinois, and Minnesota.
A news release stated that their legal lending limit hampered its ability to pursue larger loan requests.
Investors Community Bank Co-Founder and CEO Tim Schneider says, “This gives us bigger opportunities to find more, bigger deals.”
ICB’s Ag-lending will remain intact and Schneider will join Nicolet as the segment’s Vice President. Some job cuts could result from the merger which has been approved by both companies’ Boards of Directors.
Regulatory approval and Shareholder votes are still required to complete the merger which is expected by the end of the year.
