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Advia Credit Union to acquire Peoples Bank of Wisconsin

BY MiBiz Staff Wednesday, January 11, 2017 02:24pm

KALAMAZOO — Advia Credit Union plans to buy a Wisconsin bank.

The deal for Peoples Bank in Elkhorn, Wis. would give Advia Credit Union, based in Parchment north of Kalamazoo, 28 offices in Michigan, Illinois and Wisconsin with total assets of about $1.5 billion and more than 130,000 members.

“Advia continues to grow stronger and is well positioned for serving members throughout our multi-state region,” said President and CEO Cheryl DeBoer.

Peoples Bank has about $230 million in assets at four offices in Elkhorn, Burlington and Silver Lake, Wis. The deal, which is subject to regulatory approvals, could close in the third quarter.

The law firm of Howard & Howard served as Advia’s legal advisor and Mercer Capital was the financial advisor.

The deal is Advia Credit Union’s second for a Wisconsin bank. The credit union closed Aug. 1 on the acquisition of Mid America Bank in Janesville.

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