ESB Bank, which has offices in La Crescent, Caledonia and Eitzen, Minn., has asked state and federal regulators for permission to acquire State Bank Financial’s branch office at 109 S. Walnut St. in downtown La Crescent.
“We anticipate the transaction to be completed with State Bank Financial in the first quarter of 2018,” ESB President, CEO and Chairman of the Board Ronald G. Chamberlin said.
“We will be moving our location next door to our new building, 109 S. Walnut St., and will offer our clients complete full-service banking, including drive-up banking capabilities,” Chamberlin said.
ESB Bank, formerly known as Eitzen State Bank, opened its current La Crescent location at 111 S. Walnut St. in January 2016. Chamberlin said ESB Bank is the only financial institution headquartered in Houston County, and was chartered in 1909.
“We are pleased to reach this (sale) agreement with a longstanding community bank like ESB Bank,” said Tim Kotnour, president and CEO of La Crosse-based State Bank Financial.
Kotnour said State Bank Financial is grateful to the community for its past support, but decided to reduce locations to focus on its growth plans in western and central Wisconsin.