Lake Shore III Corporation (“Lake Shore”) announced last week that it had completed its acquisition of the union Bank of Blair (“Union Bank”). Lake Shore is the parent company of Hiawatha National Bank (“Hiawatha”), which has approximately $129.2 million in assets and offices in Glenwood City, Hager City, Hudson, Maiden Rock and Osceola, Wisconsin. Union Bank has approximately $93.6 million in assets and operates out of its main office in Blair, Wisconsin. Lake Shore intends to continue to operate Union Bank as a separate charter.
James W. Meisser, President of Lake Shore and President and CEO of the 97 year old Hiawatha emphasized what a wonderful opportunity this is for all stakeholders, including clients, community and investors. Meisser stated “Lake Shore is excited to join forces with the very prosperous 115 year old Union Bank and its entire team.”
Dennis Stephenson, President and CEO of Union Bank stated that “the directors, officers and employees are pleased to have become a part of Lake Shore, a bank holding company that has a passion for community banking. As we welcome Jim and Jeanene Meisser to the Board of the Union Bank we look forward continuing to offer the products and services that meet the needs of Blair and our surrounding communities. We will operate as an independent community bank with decisions being made locally by management and the Board of Union Bank.”
James W. Meisser stated “it is expected that Dennis Stephenson will be elected to the Hiawatha and Lake Shore boards later this month.” Meisser continued “An open mind and respect for our legacies should go hand in hand with the boldness to try new ideas. Stay tuned as we become even better together.”