CCFBank sets up shop in downtown BE
Wells Federal Bank customers in southern Minnesota will soon see a new brand in their local markets. Citizens Community Federal (CCFBank) and Wells Federal Bank (WFB) parent companies Citizens Community Bancorp, Inc., and Wells Financial Corp., have completed a merger of the two financial institutions.
The merger was announced in March, after which shareholders from Wells Federal Bank approved the transaction. Wells will merge into Citizens in a transaction valued at approximately $39.8 million. As of June 30, 2017, Wells had $266.9 million in assets, $232.4 in deposits and $197.2 million in gross loans. The expected combined company will have in excess of $934 million in total assets.
CCFBank parent company CEO and president Steve Bianchi sees the joining of the two companies as a great opportunity for their combined customers to benefit.
“We look forward to welcoming Wells Federal Bank customers, employees and shareholders to the CCFBank family,” Bianchi said. “The integration of the two banks is expected to be a smooth one-and with our combined increased capacity and ability to reach more customers, we expect to offer an even higher level of service to the communities we serve in southern Minnesota.”
Wells Federal President and CEO James D. Moll echoed Bianchi’s sentiments, saying the united leadership teams have charted out a streamlined plan that will benefit all parties involved including a larger branch presence and expanded products and services.
“The Wells and Citizens combination makes sense,” Moll said. “Our teams have similar ideals and commitments to our customers. It’s a good match.”
Wells Federal Bank customers should expect to begin using their new CCFBank debit cards after noon on Aug. 25, with full online and mobile banking platforms available on Aug. 28. All Wells Federal Bank customers should also receive a welcome packet in the mail outlining the process by which the transition will take place.