State Bank of Cross Plains to Merge with Union Bank & Trust this Spring

State Bank of Cross Plains recently announced plans to merge with Union Bank & Trust Company sometime this spring. You may wonder why this merger is happening and how it will change things for you individually.

Why Merge?

The word “acquire” may conjure images of one bank “going after” the other, to take over.

On the contrary, UB&T approached SBCP because a majority of UB&T stockholders voted in favor of liquidating its stock. In an effort to preserve the bank they had built over more than a century, UB&T searched for another community bank with similar values, personality, and priorities. They found SBCP to be very like-minded in their focus on the community aspect of community banking. 

Simply put, even though SBCP is acquiring UB&T, this undertaking was initiated by UB&T and is a cooperative agreement with mutual benefit. The merger enables UB&T leadership to feel confident about the legacy of their bank while helping SBCP expand into neighboring communities in a natural and helpful way.

How Will the Merger Affect You?

In many ways, this merger simply facilitates UB&T continuing much the same as it did before, just under a new name. SBCP customers should notice even less difference. We hope you are able to appreciate that most of the changes will simply be additional or expanded services that make your banking experience even better. However, we recognize that there may be some things you are uncertain or worried about, such as:

Oregon bank locations. The only community in which both banks currently operate “competing” offices is Oregon. Once the merger takes effect, the two banks will combine into one location, and the other will close. We have not yet determined which building will best serve our customers.
Online and mobile banking. Naturally, the merger requires us to consolidate data and technology systems, and current SBCP platforms will be used. We will be working behind the scenes to provide seamless integration, and SBCP customers should be unaffected by the process.

Loans and other services. Loans will be maintained the same as before. All changes regarding loans will happen behind the scenes and be merely administrative. In fact, combining assets for both banks creates greater capacity to serve you, the customer. Each bank provides a handful of services/products that the other didn’t before, so all customers will benefit from new and/or expanded offerings and different staff expertise, such as Wealth Management services, Treasury Management for our business clients, and Personal Banking support—all new or improved to UB&T customers. SBCP customers will now have access to agriculture lending options and crop insurance, if needed.


Timeline and What to Expect

At this time, we have not scheduled the official merger date. An exact date depends on regulatory approvals and customary closing conditions. We expect to finalize the merger in early spring 2019 (Quarter 2). We will share that date as soon as we are able.

In the meantime, we will be preparing internally and sharing news regularly to keep you up to date. Watch for regular monthly updates via email and/or our eNewsletter, and check the UB&T and SBCP websites regularly for updated FAQ information.

Additionally, we have established a customer service line that customers can call for more information, or to discuss specific questions or concerns. You can reach us at 855-256-7328.

Thank you for going on this journey with us! We are excited to grow our bank family and consider it a privilege to serve our customers and our communities with enthusiasm and expertise.

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