JUDA - The Bank of Juda is being sold to Bancorp of New Glarus, which owns the Bank of New Glarus and the Sugar River Banks, bank officials announced today.
The sale is expected to be completed in the second quarter of 2008, perhaps in May or June, according to Don Zimmerman, president and chief executive officer of the Bank of Juda.
The sale is subject to approval by the Bank of Juda shareholders. Zimmerman said that group will vote on the sale at the end of January or beginning of February.
The Bank of Juda has been independent and locally-owned for more than 120 years. It serves as an anchor for the small community of Juda.
The sale will mean Juda bank customers will have more options in banking and more access to advanced technology, Zimmerman said.
"It will be added strength for Juda to continue to move forward," he said.
The Juda branch will remain independent and all employees are expected to be retained, he added.
The Bank of Juda has assets of $37 million. The Bank of New Glarus and the Sugar River Banks have assets totaling $130 million in its four locations in New Glarus, Brodhead and Belleville.
Warren Laube, president and chief executive officer of Bancorp of New Glarus, agreed that the transaction will help bolster the services currently offered at the Bank of Juda.
"Mr. Zimmerman has assembled an outstanding team, with exceptionally strong agricultural lending skills. We hope to accelerate Juda's success, and are certain that our technological strength and experience in originating and servicing residential mortgage and commercial loans will complement Juda's strengths," he said in a news release.
The sale is expected to be completed in the second quarter of 2008, perhaps in May or June, according to Don Zimmerman, president and chief executive officer of the Bank of Juda.
The sale is subject to approval by the Bank of Juda shareholders. Zimmerman said that group will vote on the sale at the end of January or beginning of February.
The Bank of Juda has been independent and locally-owned for more than 120 years. It serves as an anchor for the small community of Juda.
The sale will mean Juda bank customers will have more options in banking and more access to advanced technology, Zimmerman said.
"It will be added strength for Juda to continue to move forward," he said.
The Juda branch will remain independent and all employees are expected to be retained, he added.
The Bank of Juda has assets of $37 million. The Bank of New Glarus and the Sugar River Banks have assets totaling $130 million in its four locations in New Glarus, Brodhead and Belleville.
Warren Laube, president and chief executive officer of Bancorp of New Glarus, agreed that the transaction will help bolster the services currently offered at the Bank of Juda.
"Mr. Zimmerman has assembled an outstanding team, with exceptionally strong agricultural lending skills. We hope to accelerate Juda's success, and are certain that our technological strength and experience in originating and servicing residential mortgage and commercial loans will complement Juda's strengths," he said in a news release.