Hometown Bank Announces Agreement to Acquire
Farmers Exchange Bank
Fond du Lac, Wis. – June 26, 2015 – Hometown Bancorp Ltd., parent company of Hometown Bank, has entered into a definitive purchase agreement to acquire Farmers Exchange Bank. Pending regulatory approval and customary closing conditions, the transaction is expected to close in the fourth quarter of 2015. Farmers Exchange will merge with and operate under the Hometown Bank name.
The merger was initiated and approved by Hometown Bancorp's Board of Directors. It represents the latest significant execution in the bank’s progressive growth strategy. Under the terms of the agreement, Hometown will acquire all three Farmers Exchange branches, located in Neshkoro, Wautoma and Redgranite, Wis.
According to Tim McFarlane, president and CEO, “This is a proud and important milestone in our 108-year history. Farmers Exchange has been incredibly stable throughout the years thanks to dedicated employees and exceptionally loyal customers. I foresee a seamless transition."
Tony Smyrneos, Farmers Exchange Bank president, believes, "Hometown brings the needed technology component to our customers – services like mobile banking and online bill pay. Just as important, they share our commitment to a community approach to banking, something our customers count on.”
Hometown Bank CFO Lynn Wehner adds, “We’re especially excited about what this growth will mean to our extended customer family. With combined assets of more than $270 million, Hometown Bank will bring them more services and more convenience. Just as important, this brings a higher level of business credit capacity, meaning more opportunities for the area’s small and medium businesses to hire, grow and thrive.”
Hometown Bank is a wholly owned subsidiary of Hometown Bancorp, Ltd, a privately held bank holding company, headquartered in Fond du Lac, WI. Hometown Bank operates five banking centers in Fond du Lac, Appleton, St. Cloud and Wautoma, WI. Visit www.HTBWI.com or call (920) 907-0788 for more information.
We've set up a website to provide you with the most up-to-date information regarding the merger, including steps involved, progress and any changes to expect. Click on the above Hometown Bank Merger Update link to find answers to your questions. If you have further questions, please feel free to contact us.