Wipfli Corporate Finance Advisors LLC (WCF) is pleased to announce the successful sale of its client, Ewen Bancshares, Inc. (Ewen) (parent of State Bank of Ewen), to West End Financial Corporation (West End) (parent of Gogebic Range Bank).
Ewen currently operates two full-service banking centers in Ewen and Bergland, Michigan.
Financial terms of the transaction were not disclosed.
Bryan Kuehnl, CEO of the State Bank of Ewen, stated “Without reservation, we believe the merger with West End Financial will result in our customers being served by a stronger combined bank dedicated to continuing the long tradition of community-based banking in the western U.P. and the same commitment to excellence.”
Neil J. Beckman, President and CEO of West End, stated “We have a similar operating philosophy dedicated to the community and customers we serve. This partnership will allow us to better compete with larger banking institutions in our markets.”