National Bank of Commerce. Smooth Acquisition.
Wipfli worked to lead a robust due-diligence process in support of the bank’s acquisition.
Situation
Locally owned National Bank of Commerce in Superior, Wisconsin, has seven locations -- all dedicated to supporting local economies and offering customers sound, dependable financial services. With a financial history dating back to 1934, the bank’s management recognized the need for an experienced due-diligence team to assist in the acquisition of a local target bank.
Strategy
Armed with only three days’ notice and a profound knowledge of Wisconsin subsidiary laws, Wipfli worked to lead a robust due-diligence process in support of the bank’s acquisition, working closely with the bank’s attorneys and investment banker.
Benefits
As a direct result of Wipfli’s efforts, National Bank of Commerce confidently navigated the due-diligence requirements in its first successful bank acquisition. Wipfli’s audit team discovered accounting adjustments that resulted in material adjustments to the purchase price. In addition, given the bank’s two-person accounting staff, Wipfli proved instrumental and invaluable throughout the post-purchase process, providing needed support and expertise during the bank merger. The net result was a successful acquisition for the respected Wisconsin bank.
Relationship Executive
Brian Buchholz, Partner |
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