Starion Financial Acquires WPS Community Bank

starionStarion Financial, headquartered in Bismarck, N.D., has signed a definitive agreement to purchase WPS Community Bank of Madison, Wis. WPS Community Bank is scheduled to come under the Starion Financial name in the first quarter of 2015 pending regulatory approval. Starion Financial currently has community banks in Middleton and Sun Prairie.

Craig Larson, Starion president/CEO, said, “The acquisition is a win-win for WPS and Starion Financial. We are excited about the opportunity to acquire such a successful, well-run community bank. Starion has been looking at community banks in the Madison market to expand our presence and increase our commitment to the community. We have proudly served our Madison customers since 2006 and look forward to a great future serving WPS Community Bank customers.”

WPS’s decision to sell the bank comes at a time when the bank is a highly valued asset and the market is good for purchases and sales of banks. The divesture of the bank allows WPS to continue to invest in growing and innovating in its core business, and gives the bank the opportunity it deserves to grow and succeed.

“WPS Community Bank is a financially sound, healthy organization, making it an attractive expansion opportunity for Starion,” said Mike Hamerlik, president and CEO of WPS, Insurance Inc. “A major deciding factor in the selection was that the Starion culture is a perfect fit with our bank and its customers.”

The purchase will require approval by the Federal Deposit Insurance Corporation (FDIC) and the North Dakota Department of Financial Institutions. The transaction is expected to be final in the first quarter of 2015.

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