Columbus, Wis.-based Jewel Box Financial Services is acquiring Beaver Dam, Wis.-based Ambanc Financial Services. .The deal is expected to close in the first quarter of next year. Financial terms have not been disclosed. The combined organization is expected to have $860 million in assets and operate 13 branches across five Wisconsin counties. Jewel Box Financial Services is the parent company of $660 million Farmers & Merchants Union Bank. Ambanc Financial Services is the holding company for the more than $200 million American Bank of Beaver Dam. Both banks are headquartered north of Madison. John Oathout, president and CEO of Ambanc and American Bank, called the deal “an excellent fit,” and sees joining a larger organization as allowing his bank to offer more competitive products while remaining active in its community.Washington, D.C.-based Olsen Palmer provided financial advisory services for Jewel Box and Milwaukee-based Wipfli Corporate Finance Advisors provided financial advisory services for Ambanc. Legal counsel for Jewel Box was provided by Milwaukee-based Godfrey & Kahn, while Ambanc received legal counsel from Milwaukee-based Reinhart Boerner Van Deuren.
