BOSCOBEL — Community First Bank of Boscobel and Livingston State Bank announced the merger of their parent companies, Boscobel Bancorp, Inc. and Rural Bancshares of Wisconsin, Inc., effective June 17.
Boscobel Bancorp Inc. is now the parent company of both Community First Bank and Livingston State Bank. Both institutions will continue to operate independently until December, when both banks will begin operating under the Community First Bank name.
“It is an exciting time for both of our institutions as we work together to integrate our customer and community focused cultures,” said Dan Klahn, president and CEO of Community First Bank. “We believe this strategic alliance will help ensure we remain a locally owned independent bank that is committed to supporting its customers and communities well into the future.”
“The combined organization and the expertise and commitment of our employees will help us to provide our customers with new and better products along with the same great service they have come to expect from us,” said Doug Martin, president of Livingston State Bank.
The combined bank will have eight locations in southwest Wisconsin and is projected to have approximately $400 million in total assets. Community First Bank has locations in Boscobel, Muscoda, Richland Center, Reedsburg and Baraboo. Livingston State Bank has locations in Livingston and Platteville.
Community First Bank began as First National Bank of Boscobel in 1871. The bank reorganized as Pipkin Bank in 1879, then after state law prohibited private banks its name changed to Pipkin State Bank in 1903 and Central State Bank in 1912.
State Bank of Boscobel formed in 1892. The two banks merged to form Boscobel State Bank in 1930. The name changed to Community First Bank in 1994.
Livingston State Bank formed in 1903. Rural Bankshares formed in 2004 to allow James and Joyce Neuendorf to retire after 43 and 30 years, respectively, of working for the bank.