HORICON—Horicon Bank and the Grafton-based Cornerstone Community Bank have announced plans to merge.
Horicon Bank is a full-service community bank with twenty locations in fifteen communities, including in the New North region. Cornerstone Community Bank is in three communities and has $250 million in assets.
Horicon Bank Chief Executive Officer Frederick F. Schwertfeger says the merger offers a strong partnership for both Cornerstone customers and the bank’s local communities. It also will enhance the future regional flagship bank branch at The Mayfair Collection in Wauwatosa, which is expected to open in 2023, he said.
“We see Horicon Bank as having a similar family atmosphere for our employees,” said Paul A. Foy, Cornerstone Community Bank President. “They have a strong business banking function which will enhance our services to our customers.”
The combined organization will keep Horicon Bank’s “The Natural Choice” brand and will be a $1.5 billion bank with a $20 million-plus legal lending limit.
The merger will be completed pending customary regulatory and shareholder approvals.
