Two Fond du Lac banks have announced a merger. The National Exchange Bank and American Bank will be merging under the National Exchange Bank and Trust name this year.
NEB Corp. Chairman and CEO Peter Stone made the announcement today. “While each bank has had its own individual identity, the similarities in management philosophy and product offerings will minimize employee impact while providing a positive customer experience,” Stone commented. “Both institutions have a strong community banking philosophy and financial strength, and that is a commitment that will continue to take precedence as we move forward.”
According to a press release a leadership team comprised of representatives from both financial institutions is coordinating a transition plan with the intent of preserving a quality customer experience. Current president and COO of the National Exchange Bank and Trust Mike Burch has announced his retirement later this year after the completion of the merger. Leadership of the combined entity will include Eric Stone as the vice chairman and CEO and American Bank CEO Jim Chatterton will be president and COO. “This is an exciting opportunity and a logical next step. As the financial industry has become more highly regulated and margins compressed, this merger leverages the strengths of each bank and puts the combined entity in an even greater position for growth,” Chatterton stated.
The transaction is expected to be completed during the second half of this year pending regulatory approval. National Exchange Bank has been a pillar of stability in the Fond du Lac community since it first opened its doors on December 20, 1933, in downtown Fond du Lac. With its 27 locations throughout Southeastern Wisconsin, its geographical reach covers Fond du Lac, Sheboygan, Dodge, Green Lake, Marquette, Columbia, Washington and Waushara counties. National Exchange Bank & Trust has more than $1.37 billion in assets and close to 300 employees.
American Bank opened its doors in 1968. Its founders, seven local business people, envisioned the bank’s role to reflect the characteristics of people helping people. Headquartered in Fond du Lac, it has five other Wisconsin offices located in Brownsville, Mayville, Omro, Princeton and Milwaukee. American Bank currently has more than $485 million in assets and 80 employees.
