Thompson Kane & Company to Acquire Benton State Bank in Wisconsin
March 23, 2022
Thompson Kane & Company, Inc., a Madison, Wisconsin based mortgage banking company, announced on March 23rd that we have entered into a definitive agreement to acquire Benton State Bank, a community bank located in Benton, Wisconsin with assets of $76.6 million. This transaction, subject to regulatory approval, is expected to close by the fourth quarter of 2022.
Benton State Bank will continue to provide banking products and services through its existing locations, and the entire management team of the bank will remain in place. As a result of this transaction, Benton State Bank will be able to utilize Thompson Kane’s mortgage origination platform to grow and expand its lending operations.
“Benton State Bank is over 125 years old, and we are thrilled that it will remain a community based, independent financial institution serving local businesses, farmers, homeowners, and consumers. We will lead the bank into the future with additional growth avenues and plenty of capital to finance our plan,” said Steve Malone, President and CEO of Benton State Bank.
“We look forward to expanding the product offerings for both of our customer bases,” said John C. Thompson, President and CEO of Thompson Kane. “Through additional capabilities provided by this transaction, we expect to be able to grow the combined entity significantly.” Thompson Kane will inject additional equity into Benton State Bank to enable it to expand its lending operations.
Scott Freiburger, currently the Executive Vice President, will become the President of Benton State Bank upon the closing of the transaction. “This transaction provides tremendous opportunity for our company, our customers, and the markets we serve. I am excited to help lead this bank as we expand credit availability in our communities. We believe adding the mortgage expertise and capabilities of Thompson Kane with Benton State Bank’s community focus will set us apart in mortgage lending. We are hopeful that the transition will create additional employment opportunities over time,” said Mr. Freiburger.
Thompson Kane’s legal advisor was Godfrey & Kahn, S.C., and was given financial advice by Edelman & Co., Ltd. Benton State Bank’s legal advisor was Boardman & Clark LLP.
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