BOSP Bancshares Inc., the holding company of Bank of Sun Prairie, and Banner Bancorp Ltd. the holding company and sole shareholder of Banner Banks, of Birnamwood, announced they have entered into a definitive agreement where BOSP Bancshares Inc. will acquire all of Banner Bancorp Ltd.’s ownership interest in Banner Banks.
The transaction, which is subject to customary closing conditions and regulatory approvals, has been unanimously approved by both the company’s and bank’s boards of directors and is expected to close in the fourth quarter of 2025.
Post-closing, it is anticipated that Banner Banks will be moved onto the Bank of Sun Prairie core system in the second quarter of 2026.
Following the future merger of the banks, the combined institution will have eight locations in six Wisconsin communities and total assets of approximately $868 million, based on Dec. 31, 2024, regulatory reporting.
Jimmy Kauffman will serve as president and CEO, and D. Shannon Blakley, president and CEO of Banner Banks, will serve as a consultant. All Banner Banks employees will be offered continued employment with the combined institution.
