Baylake Corp. (BYLK)

[56Chevy]

Nicolet, Baylake merger would form $2.2B bank

Date : 09/08/2015 @ 5:28PM
Source : PR Newswire (US)
Stock : Baylake Corp (MM) (BYLK)
Quote : $14.55 1.7 (13.23%) @ 3:26PM

Baylake Bank and Nicolet National Bank are merging to become the fifth-largest Wisconsin-based bank in both assets and deposits.

The banks' parent companies, Baylake Corp. and Nicolet Bankshares Inc. filed documents with the U.S. Securities and Exchange Commission Tuesday afternoon to combine operations under the name Nicolet National Bank, an institution that would have $2.15 billion in assets and $1.7 billion in deposits. The merger requires the approval of two federal agencies and both bank's shareholders. Executives with both banks expect the process to be completed in the first half of 2016.

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Shareholder Impact

Under the terms of the agreement, Baylake Corp. shareholders would receive 0.4517 shares of Nicolet National Bankshares stock for every share of Baylake Corp. stock they own and a one-time 40-cent dividend.

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http://www.greenbaypressgazette.com/story/money/2015/09/08/nicolet-baylake-merger/71892740/

*The race to merge remains in full swing.