Financial credit

Wings Financial Credit Union to Acquire Settlers Bank

Transaction expands Wings into Wisconsin

APPLE VALLEY, Minnesota, November 04, 2022–(BUSINESS WIRE)–Wings Financial Credit Union and SB Bancorp, Inc., the holding company of Settlers Bank, today announced that the two organizations have reached an agreement for Wings to acquire the bank, including their three branches in Appleton, Madison and Windsor, Wisconsin.

The transaction, which requires approval from state and federal regulators, is expected to close in mid-2023. Upon completion of the transaction, Settlers’ banking facilities will be renamed Settlers Best Credit Union, a division of Wings Financial Credit Union.

“Settlers Bank was created 15 years ago to be accessible and to build relationships through collaboration. Wings shares these values ​​and our partnership will allow us to leverage our already strong market momentum,” said Tom Spitz, Founder and CEO of Settlers Bank.

Settlers Bank Founder and Chairman David Fink added: “We are delighted that the approach to the transaction keeps Settlers Bank’s systems and team intact to enable us to continue to serve our markets without disruption.

“We are thrilled to have the opportunity to introduce our services to the Wisconsin market,” said Frank Weidner, president and CEO of Wings Financial Credit Union. “We have explored expansion opportunities in Wisconsin and this transaction was a perfect fit for Settlers Bank and Wings. This opportunity will reinvigorate our presence in the Wisconsin market.”

Raymond James & Associates, Inc. served as financial advisor and Honigman LLP, Chicago, IL, served as legal advisor to Wings Financial Credit Union. Settlers Bank was represented by Boardman Clark & ​​Clark, LLP, Madison, WI, and Oak Ridge Financial Services Group, Inc served as financial advisor.

About Wings Financial Credit Union

Wings Financial Credit Union is Minnesota’s largest credit union and one of the nation’s leading credit unions, with over $8 billion in assets and more than 340,000 members. In 2022, Wings was named one of the top credit unions nationwide by Gobankingrates.com, in addition to being recognized by the Tribune of the Stars as Minnesota’s Best Credit Union and Best Place to Work for the 10th consecutive year.

Wings members enjoy some of the best savings and loan rates in the area, convenient mobile and online access, more than 80,000 premium-free ATMs, and 28 branches statewide, as well as branches in Atlanta, Detroit, Orlando and Seattle. To learn more, visit www.wingsfinancial.com

About Settlers Bank

Settlers Bank is a leading private provider of commercial, treasury, mortgage and private banking services with $390 million in assets operating from three locations in Wisconsin, including Appleton. Founded in 2007, Settlers Bank started being accessible, providing solutions and building relationships through collaboration. To learn more about the Settlers Bank, visit www.settlerswi.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221104005590/en/

contacts

Wings Financial Credit Union:
brent andersen
Vice President – Marketing
(952) 237-5875
[email protected]

Settlers Bank:
Trisha Thompson
Marketing Director & SVP Human Resources
(608) 842-5013
[email protected]