Madison, Wis.-based Bank CMG is expanding in the state by acquiring Farmers Savings Bank..The acquisition, announced Jan. 20, is expected to close in the middle of this year. Based in the southeastern Wisconsin town of Mineral Point, Farmers Savings Bank had $421 million in assets, $369 million in deposits and five branches as of Sept. 30. As of Oct. 30, Bank CMG had $829 million in assets, $715 million in deposits and 10 branches. “This acquisition reflects our commitment to growth and innovation within the state of Wisconsin,” said Christopher George, chair of Greenwoods Financial Group Inc., holding company of Bank CMG. George acquired the company early last year. Matthew Staver, president and CEO of Farmers Savings Bank, said the partnership will preserve the bank’s community-focused approach while creating opportunities for customers and employees.
