Agreement joins ‘like-minded’ community banks
By Ed Nadolski
Editor in Chief
Burlington-based Fox River State Bank will be sold to Greenwoods Financial Group, Inc. – which operates Greenwoods State Bank, Lake Mills – under an agreement announced Monday.
Fox River State Bank President and CEO Keith Pollek said the move is the best way increase Fox River’s financial standing and lending power while at the same time retaining the local decision-making that characterizes community banks.
“Our bank is one of the best performing banks in the state and we’re on everybody’s radar,” Pollek said. “We really think the best for us is to remain a community bank.”
Pollek said the leadership of Greenwoods “understands local community banks” because it is one.
“Number one is they really have decentralized decision making,” he said. “We’ll still have the same decision makers and we’ll be just as responsive to our customers.”
Pollek said officials anticipate the acquisition of Fox River Financial Corp. by Greenwoods Financial Group to close in early April. That action is pending a Fox River shareholders meeting in March.
The sale will triple Fox River’s assets from $90 million to $270 million and create a combined bank with seven branches, according to a news release issued jointly by the two bank corporations on Monday.
See the Thursday, Jan. 24, edition of the Burlington Standard Press for the complete story, including information about the future of Fox River’s board of directors and employees.
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