Merchant's Bank-Eau Claire
Merchants Bank has announced the purchase of a bank location in Eau Claire.
According to the Merchants Financial Group, Merchants and Alliance Bank have come to an agreement to purchase the Alliance location in Eau Claire.
President and CEO, Richard Mahoney, said the purchase includes the Alliance Bank Mall Drive location, as well as deposits and loans from the Mall Drive location, and Alliance's Pinnacle Way location.
All told, Merchants Bank will be acquiring $48,000,000 in deposits and $17,000,000 in loans.
Terms of the sale were not released.
Mahoney said the sale is expected to be completed in the middle of this coming February, pending regulatory approval......
The announcement comes just days after Merchants formerly took over operations of banks in Rushford and Lanesboro.
It's the second location in Wisconsin for Merchants with the other being in Onalaska.
The Eau Claire location would give Merchants a total of 21 bank locations in southeastern Minnesota and western Wisconsin...