Wipfli Corporate Finance Advisors LLC (WCF) announced today the successful sale of its client, Farmers State Bank of Sublette (Farmers), to NBE Bancshares, Inc. (Pioneer). Farmers currently operates two full-service banking centers in Sublette, Illinois.
The acquisition is expected to boost Pioneer’s assets to $103 million. Financial terms of the transaction were not disclosed.
“We feel Pioneer, with its strong focus on customer service and community support, is a great fit for our customers, employees and the Sublette community,” said Don Dinges, chairman and president of Farmers State Bank of Sublette.
Michael Stevens, president and CEO of Pioneer, stated, “We are pleased to announce our agreement to acquire Sublette Bank, which has a long and illustrious history of providing superior service to the community of Sublette. Together, we can offer a broader range of products and services, along with a level of personalized customer service that is often missing from the big banks.”
Farmers’ investment banking team at WCF is led by Kevin Janke.