The Baraboo Bancorporation Inc. has agreed to purchase The Bancorp Inc., the Elcho-based holding company for Northwoods State Bank, Baraboo Bancorp. announced Wednesday.
Under the transaction, Baraboo will purchase all of the outstanding stock of The Bancorp for cash. The price was undisclosed and the transaction was still subject to shareholder and regulatory approval. The transaction is expected to close by June 30.
Northwoods State Bank owns and operates three branches, in Elcho, Rhinelander and White Lake. As of Dec. 31, 2001, the bank had assets of $51.2 million. Baraboo Bancorporation owns four affiliate banks -- Baraboo National Bank, State Bank of Virocqua, Green Lake State Bank, and State Bank of Wonewoc -- with combined assets of approximately $435 million.
Baraboo Bancorp. will operate Northwoods State Bank under its existing charter and retain the current management, said Merlin Zitzner, chairman of the board for Baraboo Bancorp.