MONROE - Wisconsin Bank and Trust, a subsidiary of Heartland Financial USA, Inc., announced Thursday that Heartland will buy Community Banc-Corp of Sheboygan, Inc., parent company of Community Bank and Trust in Sheboygan, in an all-stock transaction valued at approximately $52 million.

Wisconsin Bank and Trust is based in Madison and has a branch office in Monroe.

The agreement, which has been unanimously approved by the boards of directors of both companies, specifies outstanding shares of Community Banc-Corp will be converted into shares of Heartland common stock. Simultaneously, Community Bank and Trust will be merged into Heartland's Wisconsin Bank and Trust subsidiary.

The acquisition will allow Wisconsin Bank and Trust to serve more of the Sheboygan and greater Milwaukee markets, Kevin Tenpas, president and CEO of Wisconsin Bank and Trust, said in a news release.

Community Bank and Trust had assets of approximately $525 million, loans of $410 million and deposits of $429 million as of Sept. 30. In addition to its main office and three banking centers in Sheboygan, the bank operates branch offices in Sheboygan Falls, Plymouth, Elkhart Lake, Chilton, Glendale and Greenfield.

Following the close of the transaction, Wisconsin Bank and Trust will have assets exceeding $1.1 billion and 19 locations across the state.