space
space
Peshtigo Times
space
space
space
Perspectives
* Country Cousin
space
space
Sports Shorts
* WIAA Announces Fall Sportsmanship Recipients
* DNR Puts Aside Proposal to Stock Big Green Lake with Atlantic Salmon
* Crivitz Players Top Scorers in Hoops Club
* Coleman Wrestlers Take Care Of Esky; Wolverines Also Notch Win
* Lake Michigan Yellow Perch Comments Chart Next Steps

space
Peshtigo Fire
space
e-Edition
Now Available
For more information
click here
dot
THE CITY REBORN FROM THE ASHES OF AMERICA'S MOST DISASTROUS FOREST FIRE
space
dot
space
021214BANKMERGER.jpg

PLAN MERGER—Stephenson National Bank of Marinette and Bank North announced on Thursday, Feb. 6 that they will merge. The merger will take place sometime in the fourth quarter of 2014. This will be beneficial to our customers, the community and our stock holders according to Jerry Schmidt, president of Bank North. Schmidt along with chariman of the board, Bob Barron, will servce as directors of the Stephenson National Bank. Shown left to right: Bank North President, Jerry Schmidt, Chairman of the Board Bank North Bob Barron, Stephenson National Bank & Trust Chairman of the Board John Reinke and President Dan Peterson.

Area Banks: SNB & BN Plan Merger

The Stephenson National Bank & Trust (Stephenson National Bancorp, Inc.) headquartered in Marinette, and Bank North (PWB Bancshares) headquartered in Wausaukee, announced Thursday, Feb. 6, that they have entered into a definitive agreement under which Bank North (PWB Bancshares) will merge into Stephenson National Bank Bancorp, Inc. The agreement was signed on Wednesday, Feb. 5.

Shareholders of Bank North (BN) will need to approve the merger at a special stockholders meeting scheduled for 5 p.m. Tuesday, April 22, at Newingham’s Supper Club in Wausaukee. Shareholder approval could then be done in 60 to 90 days. On or about March 5 a letter with a ballot will be sent to shareholders who will vote for or against the merger.

SNB will pay BN shareholders cash for their stock estimated at $716.47 per share for a total of about $16.59 million. BN has 23,106 shares issued and 140 stockholders.

The price per share is as of Dec. 31, 2013 and could be increased by the five months of BN operation so far in 2014 and months before the merger is approved.

The Board of Directors of BN have unanimously approved the agreement and plan of the Holding Company Merger and will be recommending it to shareholders.

BN board of directors had made their decision after several months of strategic planning and careful deliberation. Several factors included increased regulatory and compliance burden on small community banks caused by the Dodd-Frank Bill, management succession plans and prospect for additional products and services for customers and the community.

The merger, subject to regulatory approval is expected in the fourth quarter of this year. It would result in 8 community focused banking offices and proforma assets of over $430 million, plus a Trust and Investment Department with over $440 million in assets under management.

With approval of the merger Gerald Schmidt, Bank North president and chief executive officer, and Bob Barron, BN board chairman, will become members of the SNB board of directors.

Until finalization of the merger, officers of both banks will remain the same and operate independently. All bank customers will receive ample notice of the expanded line of services and any potential changes that may affect them. In most cases, account transfers will be seamless and require little or no action on the part of customers.

Schmidt reported negotiations began in August 2013 and a law firm was retained to determine the pluses and minuses for BN. The study was then presented to the entire BN Board in November and a letter of intent to merge was signed.

Also consideration was given to many factors including management succession and additional products and services for customers. He said of the merger “Banking just got better, as two of the best just joined forces!”

He further reported the price was good, all employees will have jobs and no pay cuts.

The Stephenson National Bank & Trust (SNB) is a 139-year old independent community bank with $800 million in Bank, Mortgage, and Trust & Investment assets under management. Offices are located in Marinette and Oconto, and Menominee, Mich. with a Trust & Investment Office in Marquette, Mich.

Bank North (BN) is a 111-year old independent community bank with assets of $125 million. Offices are located in Wausaukee, two in Crivitz, and one each in Amberg and Pembine.

“I am very excited about this partnership of two strong, local, community focused banks,” said Dan Peterson, president and chief executive officer of Stephenson National Bank & Trust. “Both banks share similar cultures, local decision-making, and a high commitment to our customers, communities, and employees.”

“We have always respected SNB as a competitor and admired their commitment to the communities they serve,” stated Schmidt, BN president and chief executive officer. “Bringing our organization together will serve to increase our ability to help grow area businesses, expand our banking products and provide trust services to our customers, while continuing the commitment to support our local communities.”


Recent stories, opinions and photos

Issue Date Department Headline
12-17-2014Sports
WIAA Announces Fall Sportsmanship Recipients

12-17-2014Sports
DNR Puts Aside Proposal to Stock Big Green Lake with Atlantic Salmon

12-17-2014Sports
Crivitz Players Top Scorers in Hoops Club

12-17-2014Sports
Coleman Wrestlers Take Care Of Esky; Wolverines Also Notch Win

12-17-2014Perspectives
Country Cousin

12-17-2014Perspectives
From our readers

12-17-2014Perspectives
Tales from the old-timer

12-17-2014Obituaries
Josephine V. Truel

12-17-2014Obituaries
Lois G. Sielaff

12-17-2014Obituaries
William J. Shelton

12-17-2014Obituaries
John D. Maye

12-17-2014Obituaries
Arbutus A. Lowry Lutri

12-17-2014Obituaries
Cecil E. Kuhnle

12-17-2014Obituaries
Judith Francour

12-17-2014Obituaries
Charles B. Drewry Jr.

12-17-2014Obituaries
Milton E. Dettman

12-17-2014Obituaries
Paul B. Sutek

12-17-2014Obituaries
Jodine S. Stone

12-17-2014Obituaries
Dr. Yulia Seledsova-Mamonov

12-17-2014Obituaries
Chase M. Polfus

12-17-2014Obituaries
Irene T. Miller

12-17-2014Obituaries
Ethel H. Brouette

12-17-2014Obituaries
Bernice F. Gronnert

12-17-2014Obituaries
Bonnie L. Gorshe

12-17-2014Obituaries
Mary Bradley

12-17-2014Obituaries
Clarence Bird

12-17-2014Obituaries
James E. Betzinger

12-17-2014Obituaries
Allan J. Belair

12-17-2014Community - Wausaukee
Wagner Okays Ordinances, Tire Recycling Costs

12-17-2014Community - Wausaukee
T/Wausaukee Buys Voting Machine, Increase Wages

12-17-2014Community - Wausaukee
Athelstane Updated On Rescue Squad Contract

12-17-2014Community - Crivitz
Podiatrist at Assisted Living

12-17-2014Community - Crivitz
Crivitz VFW Auxiliary Unit Given Certificates of Awards

12-17-2014Community - Crivitz
200 Enjoy Village Sleigh Ride, Santa

12-17-2014Community - Crivitz
Christmas Gospel Jam is Dec. 19

12-17-2014Community - Coleman
Coleman Lists Students of Month

12-17-2014Community - Coleman
CHS Financial Aid Meet Jan. 6

12-17-2014Community - Coleman
Coleman Library January Events

12-17-2014Community - Coleman
Markiewicz Bank Branch Manager

12-17-2014News
Christmas Gospel Jam is Dec. 19

12-17-2014News
Area Graduates UW-M Dec. 14

12-17-2014News
Wausaukee Legion Party Dec. 21

12-17-2014Front Page
Over 100 Attend Chamber Christmas Tree Lighting Event

12-17-2014Front Page
Board Chair Sends 40-Week Petition Back To Committee

12-17-2014Front Page
Town Peshtigo OKs $1,000 A Year Raise For Fire Chief

12-17-2014Front Page
Propose New Type Of Littoral Combat Ship

12-17-2014Front Page
Riverside Cemetery To Choose Trustees, Set Rules In February

12-10-2014Sports
Lake Michigan Yellow Perch Comments Chart Next Steps

12-10-2014Sports
Bulldogs Fall To Blue Devils; Cougars On Top In Pulaski

12-10-2014Sports
Majewski, Klaver Power Bulldogs To Blowout Victory Over Suring

12-10-2014Sports
Crivitz Prevails Over Oconto

12-10-2014Perspectives
Country Cousin

12-10-2014Perspectives
Tales from the old-timer

12-10-2014Obituaries
Harold Lawrence Wolff

12-10-2014Obituaries
Robert J. Vandenberg

12-10-2014Obituaries
Ralph J. Tiegs

12-10-2014Obituaries
Vivian R. Sturman

12-10-2014Obituaries
Ralph A. Schneider

12-10-2014Obituaries
Fay L. Schmidt

12-10-2014Obituaries
Allan Schmidt

12-10-2014Obituaries
Sybil I. Schaut

12-10-2014Obituaries
Mike H. Opolka

12-10-2014Obituaries
Scott L. Colson

12-10-2014Obituaries
Bruce L. Borgen

12-10-2014Obituaries
Robert J. Becker Sr.

12-10-2014Obituaries
Donald R. Anderson, M.D.

12-10-2014Obituaries
Dolores H. Schroeder

12-10-2014Obituaries
Carol M. Rickaby

12-10-2014Obituaries
Ronald Reinert

12-10-2014Obituaries
William R. Presl

12-10-2014Obituaries
Dorothy G. Palmer

12-10-2014Obituaries
Harold J. LaCosse

12-10-2014Obituaries
Gladys I. Krei

12-10-2014Obituaries
Donna R. Johnson

12-10-2014Obituaries
Dorothea Jaeger

12-10-2014Obituaries
Kazmiera Gromoske

12-10-2014Obituaries
Judith A. Fuchs

12-10-2014Community - Wausaukee
Legion Post/Unit 66 2014 Christmas Party

12-10-2014Community - Wausaukee
SC Fire Auxiliary Christmas Party

12-10-2014Community - Wausaukee
29 Children at Silver Cliff Christmas Party

12-10-2014Community - Wausaukee
Wagner Fire Department Sportsmen Raffle Winners

12-10-2014Community - Crivitz
Crivitz Students Earn Students of Month Honors

12-10-2014Community - Crivitz
Christmas Gospel Jam is Dec. 1

12-10-2014Community - Crivitz
CAWC Auction Realizes $4500

12-10-2014Community - Crivitz
17 At Active Seniors Dinner

12-10-2014Community - Coleman
Coleman School Board Dec. 15

12-10-2014Community - Coleman
7th Village of Pound Christmas Parade Dec. 13

12-10-2014Community - Coleman
Coleman School to Host Senior Citizens

12-10-2014Community - Coleman
Coleman Names Students of Month

12-10-2014News
Wausaukee Legion Party Dec. 21

12-10-2014News
Santa Letters Due Dec. 14

12-10-2014News
Suring Church Cookie Walk on Dec. 13

12-10-2014News
Lena Cookie Walk Dec. 15

12-10-2014Front Page
Marinette Musician in Concertina Hall of Fame

12-10-2014Front Page
County To Reap Savings In Health/Dental Insurance Costs

12-10-2014Front Page
State Aid Payment Puts Grover Back In Black

12-10-2014Front Page
County Forest Income Keeps Setting Records

12-10-2014Front Page
Disposing of Drugs Is Becoming A Problem

12-03-2014Sports
Preliminary Deer Harvest is 191,550, Down 8 Percent

12-03-2014Sports
Cougars Claim Two Victories In Bonduel

12-03-2014Sports
Wolosyn Goes Wild, Scores 19 As Badgers Beat Up On Wolverines

12-03-2014Sports
Bulldogs Kick Off Season With Solid Win Over Marines

12-03-2014Perspectives
From our readers

12-03-2014Perspectives
Tales from the old-timer

12-03-2014Perspectives
Country Cousin

12-03-2014Obituaries
Robert C White

12-03-2014Obituaries
Dale M. Vanderfin

12-03-2014Obituaries
Jerry A. Uecke

12-03-2014Obituaries
Lennice M. Swearingen

12-03-2014Obituaries
John Stiglitz

12-03-2014Obituaries
Mary E. Sodergren

12-03-2014Obituaries
Russell R. Schroeder

12-03-2014Obituaries
Edythe E. Sager

12-03-2014Obituaries
Joann M. Richardson

12-03-2014Obituaries
Arthur Plutchak

12-03-2014Obituaries
Margaret M. Patz

12-03-2014Obituaries
Raymond R. Olson

12-03-2014Obituaries
Thomas R. Mueller

12-03-2014Obituaries
Karl H. Missbach

12-03-2014Obituaries
Mary L. Miller

12-03-2014Obituaries
Francis J. McDougal

12-03-2014Obituaries
Nancy J. Makuen

12-03-2014Obituaries
Shirley A. Lisowe-Beaumia

12-03-2014Obituaries
Lew J. Jopek, Sr.

12-03-2014Obituaries
Myron D. Janik

12-03-2014Obituaries
Elizabeth Brown

12-03-2014Obituaries
Luella Swiatnicki

12-03-2014Obituaries
Lennice M. Swearingen

12-03-2014Obituaries
John Stiglitz

12-03-2014Obituaries
Mary E. Sodergren

12-03-2014Obituaries
Russell R. Schroeder

12-03-2014Obituaries
Alice C. Redfearn

12-03-2014Obituaries
Arthur Plutchak

12-03-2014Obituaries
Lawrence P. Ozechowski

12-03-2014Obituaries
Patsy L. Nuttall

12-03-2014Obituaries
Ronald E. Meyer

12-03-2014Obituaries
McCue Children

12-03-2014Obituaries
Arnold F. Marble

12-03-2014Obituaries
John C. Kobylarczyk

12-03-2014Obituaries
Nancy A. Kartheiser

12-03-2014Obituaries
Keith L. Kamps

12-03-2014Obituaries
Eunice M. Hollingsworth

12-03-2014Obituaries
Richard G. Hofer

12-03-2014Obituaries
Patricia L. Harper

12-03-2014Obituaries
Fannie M. Fillinger

12-03-2014Obituaries
Everett M. Edminster

12-03-2014Obituaries
Elizabeth J. Bahl

12-03-2014Obituaries
Glen W. Anderla

12-03-2014Community - Wausaukee
Wausaukee Grade 5-8 Basketball Tournaments

12-03-2014Community - Wausaukee
Wausaukee Blood Drive Dec. 8th


space
Peshtigo Times
WEB Poll!
Is Christmas too commercialized?
space Yes
No
Undecided
space
TO VOTE CLICK
YES, NO or UNDECIDED

Suggest a Question
space .
space
FRONT
space
.
space
CLASSIFIEDS
space
.
space
COMMUNITY
space
.
space
GUEST BOOK
space
.
space
NEWS
space
.
space
OBITS
space
.
space
PERSPECTIVES
space
.
space
SPORTS
space
.
space
SUBSCRIBE
space
.
space
.
space
PESHTIGO FIRE
space
.
space
CUSTOM PRINTING
space
.
space
TIMES' SAVER
space
.
space
Click for Peshtigo, Wisconsin Forecast
FORECAST
space
Quick...
News or Ad Search
Enter News key words.
Enter Ad key words.



Peshtigo Times
841 Maple St
PO Box 187
Peshtigo, WI 54157
Phone: 715-582-4541
Email:
News@
PeshtigoTimes.com

space
Fax: 715-582-4662
© 2000-2014
All right reserved
space
Powered by
WEB Media
Interactive
COMMUNITY
WEB sites