Time Federal Savings Bank and River Cities Bancshares, Inc. Sign Merger Agreement
Medford, Wisconsin and Wisconsin Rapids, Wisconsin (May 3, 2019) – Time Federal Savings Bank (“Time Federal”) and River Cities Bancshares, Inc. (“River Cities”), today announced they have executed a definitive agreement whereby Time Federal will acquire River Cities and its wholly-owned subsidiary, River Cities Bank.
The transaction will result in a community bank with nine offices and approximately $800 million in assets. Time Federal intends to offer positions to all River Cities Bank employees following the completion of the transaction. No retail offices will be closed as a result of the transaction.
In announcing the transaction, Time Federal President and Chief Executive Officer, William A. Weiland, stated, “This is a very positive arrangement for both banks to continue to focus on community banking while melding the consumer banking strengths from Time Federal Savings Bank with the business banking strengths from River Cities Bank. In addition, our physical markets are adjacent without overlap. This will allow us to maximize our potential to keep all of our current employees working together as a team.”
Jerome R. Gebert, Chairman of the Board of River Cities and River Cities Bank, said, “As a result of a thorough process, we are pleased to announce a transaction that will benefit our shareholders, customers and employees. Our customers will gain access to a larger financial institution with the ability to offer larger loans while maintaining its focus on the quality personal service that a strong, independent, local community bank is uniquely qualified to offer. And all of our employees will have the opportunities provided by a larger institution.”
The transaction is expected to be completed in the fourth quarter of 2019, subject to approval by bank regulatory authorities and the shareholders of River Cities, as well as the satisfaction of other customary closing conditions.
Time Federal was advised by RP Financial, LC. and the law firm of Luse Gorman, PC. River Cities was advised by RKCA, Inc. and the law firm of Boardman & Clark, LLP.
About Time Federal Savings Bank
Time Federal Savings Bank has served the central Wisconsin area since 1934. Time Federal operates from its main office in Medford and five branch offices located in Eau Claire, Marshfield, Owen, Phillips and Wausau. Additional information about Time Federal Savings Bank is available at www.timefederalsavings.com.
About River Cities Bank
River Cities Bank, the wholly-owned subsidiary of River Cities, has served the central Wisconsin area since 1997. River Cities Bank operates from its main office in Wisconsin Rapids and two branch offices located in Baraboo and Stevens Point. Additional information about River Cities and River Cities Bank is available at www.rivercitiesbank.com.