Monona Bankshares Inc., the holding company of Monona Bank, and S.B.C.P. Bancorp Inc., the holding company for State Bank of Cross Plains, jointly announced they will combine in a merger of equals to create the largest bank headquartered in Dane County and the sixth largest bank headquartered in the state of Wisconsin, with almost $3 billion in combined assets.
The agreement and plan of merger was unanimously approved by the boards of directors of both companies and signed on March 14. The all-stock merger of equals is anticipated to close by the end of 2022, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and approval by the shareholders of each company.
Both State Bank of Cross Plains and Monona Bank will continue to function independently until spring 2023, when the two banks are expected to fully merge and integrate and operate under a new name and brand. At such time, the combined bank will offer expanded services, more locations, and additional advisors.
Once the merger is complete and the two banks fully integrate in spring 2023, the yet-to-be-named community bank will employ more than 400 associates across 17 communities around Madison and throughout south central Wisconsin.
