New Berlin-based Merchants & Manufacturers Bancorporation Inc. today announced the closing of the previously announced sale of its subsidiary bank in Iowa, Fortress Bank of Cresco, to Decorah Bank & Trust Company of Decorah, Iowa.
Michael J. Murry, chairman of Merchants, said, "We continue to believe the sale of Fortress Bank of Cresco to Decorah Bank and Trust Company will be good for the clients and employees of the bank as well as for the community of Cresco. We would like to thank the board of directors, management team and employees of the bank for their hard work and dedication to our organization over the last five years."
Through its Community Financial Group, Merchants operates six banks in Wisconsin (Community Bank Financial, Fortress Bank, Grafton State Bank, Lincoln State Bank, The Reedsburg Bank and Wisconsin State Bank).
Merchants has signed a definitive agreement to be acquired by Harris Bankcorp Inc. and its Canadian parent company, BMO Financial Group. Harris also plans to acquire Cedarburg-based Ozaukee Bank.
Merchants & Manufacturers completes sale of Iowa bank
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