Sun Prairie, Wis.-based BOSP Bancshares, Inc. is acquiring Birnamwood, Wis.-based Banner Banks..By acquiring $168 million the $126 million Banner Banks, BOSP Bancshares will have $868 million in assets along with eight branches in a half-dozen Wisconsin communities. BOSP Bancshares is the holding company of Bank of Sun Prairie. Banner Bancorp is the holding company of Banner Banks.The two banks are approximately 150 miles apart. While BOSP Bancshares is headquartered in central Wisconsin near Madison, Birnamwood is in the north-central part of the state near Wausau. The deal is expected to close in the fourth quarter of this year. Bank of Sun Prairie President and CEO Jimmy Kauffman is expected to continue serving in those roles, and Banner Banks President and CEO D. Shannon Blakley is expected to become a consultant. All employees of Banner Banks will be offered employment with the combined bank. “This is a great opportunity for Bank of Sun Prairie to diversify our balance sheet and expand our footprint,” Kauffman said. “Alignment with another community bank with similar values and a long-standing track record in their community is a perfect fit for us.” Banner Banks President and CEO D. Shannon Blakley said bank customers “will soon have access to new technologies, expanded loan products and enhanced deposit capabilities — well beyond what we offer today. We’ll also have access to a wider range of agricultural customers as we expand into all the markets the bank will operate in.”
