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West Bend Savings Bank and Continental Savings Bank agree to merge
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By ANDREW KUEHL
WEST BEND-West Bend Savings Bank and Continental Savings Bank, two mutual community banks, have announced the two financial institutions will merge creating a new Wisconsin bank with over $650 million in combined assets and 27 locations serving Southeastern Wisconsin.
“It’s a very proud day for both organizations,” said Jim Podewils, president of Continental Savings Bank. “This is the first merger between two mutual savings banks in Wisconsin in over eight years. This partnership will allow us to offer a greater depth of products and services to our customers, while allowing us to retain our community philosophy of friendly customer service.”
Ray Lipman, CEO of West Bend Savings Bank, added, “This is a wonderful opportunity for both banks. When Jim and I began meeting in February 2007, we quickly saw the advantages that this combination provides to both organizations.”
A press release from the banks stated the completion of the merger will occur in late this year. The combined bank headquarters will be located in West Bend, while the bank will maintain a regional office in Greenfield. Lipman will become chairman and CEO and Podewils will be president and chief operating officer. Current employees and officers of both institutions will retain their employment with the new bank. A name for the new bank will be determined upon completion of the merger.
West Bend Savings Bank and Continental Savings Bank are mutual savings banks sharing the same philosophy of building long-term relationships with a strong community focus, without the influence of outside stockholders or private owners. Lipman relates, “Our core values are similar in that we both believe success lies in serving our communities and our customers, while providing superior benefits and positive work environments to our employees. We also believe the cultures of the two banks blend very well. We’re excited that we will have the resources to more effectively compete in a changing financial arena, while maintaining our roots of serving communities with local ownership.”
West Bend Savings Bank has 18 locations in Washington, Dodge, Sheboygan and Waukesha counties, the oldest operating since 1926. The Kewaskum branch has operated in the village for over 30 years.
Continental Savings Bank has been in existence since 1914. The bank operates seven branches in Milwaukee and the outlying suburbs of Brookfield, Brown Deer, Hales Corners and Mukwonago. Additional information on both institutions can be found on their individual web sites located at www.csbmoney.com and www.wbsavings.com.
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