The acquisition expands North Shore’s Wisconsin footprint, combining $2.6 billion in assets with 1895 Bancorp’s $598 million.
North Shore Bank will acquire 1895 Bancorp in a $598 million deal, expanding its presence in Wisconsin. The transaction combines North Shore’s $2.6 billion in assets with 1895 Bancorp’s $598 million, including its 130-year-old subsidiary PyraMax Bank.
Bank M&A activity in the Midwest has been robust, with 116 deals since the start of 2022. Mutual banks, which lack tradable shares, typically pay cash for acquisitions, making such deals less common but not unprecedented.
The merger aims to enhance service offerings for customers, according to 1895 Bancorp CEO David Ball. North Shore Bank, a depositor-owned thrift, converted to stock ownership after raising $57 million in public offerings.