Jewel Box Financial Services, Inc. (“Jewel Box”), the holding company of Farmers & Merchants Union Bank (“FMUB”), and River Holding Company (“River Holding”), the holding company of Wisconsin River Bank (“WRB”), have jointly announced today the signing of an agreement whereby Jewel Box will acquire 100% of the capital stock of WRB from River Holding through a stock purchase agreement. Jewel Box will then merge WRB into FMUB and the surviving bank will operate under the Farmers & Merchants Union Bank name.
Olsen Palmer LLC served as financial advisor to Jewel Box Financial Services, Inc.
Based on most recent reported financials, the combined institution is expected to have approximately $690 million in total assets and 9 banking offices.
The transaction, which has been approved by the Board of Directors of both companies and is subject to shareholder and regulatory approvals, is expected to close in the first quarter of 2025. Terms of the transaction were not disclosed.