Security Financial Services Corporation and Pioneer Acquisition Corp Announce Merger
Wednesday, April 18
Security Financial Services Corporation, the parent company of Security Financial Bank, Durand, Wisconsin and Pioneer Acquisition Corp, the parent company of Pioneer Bank of Wisconsin, Ladysmith, Wisconsin, jointly announced the merger of the two banks. As a result of the merger Pioneer Bank of Wisconsin will operate as Security Financial Bank. The joint announcement was issued by Jim Mayo, President and Chief Executive Officer of Security Financial Services Corporation, Paul Rudersdorf, President and Chief Executive Officer of Security Financial Bank, Don French, Chairman and President of Pioneer Acquisition Corp, and Jim Loe, President and Chief Executive Officer of Pioneer Bank of Wisconsin.
The merger agreement has been unanimously approved by the Boards of Directors of each company and each bank. It was approved by the shareholders of Pioneer Acquisition Corp on April 12, 2018. The merger is subject to the customary closing conditions and the required regulatory approvals. It is anticipated that the transaction will close in the third quarter of 2018.
Based on December 31, 2017 data, after the merger, Security Financial bank will have approximately $490 million of assets, $322 million of loans and $383 million of total deposits. Security Financial's home office is located in Durand, Wisconsin and after the merger, in addition to Durand will have offices located in Bloomer, Eau Claire, Ladysmith, and River Falls, Wisconsin.
The combined bank's leadership team will be comprised of Mr. Rudersdorf as President and Chief Executive Officer, Paul Solyntjes as Chief Financial Officer, and Brian Bueche as Chief Credit Officer. Mr. Loe will continue to serve the combined bank as the Regional President overseeing the Ladysmith and Bloomer locations.
According to Mr. Rudersdorf, "Pioneer Bank of Wisconsin is a bank with a very rich, nearly 100-year history in the Ladysmith area. Pioneer has an operating philosophy and a culture that will be a great fit with our Bank and we expect their team to be an integral component of Security Financial Bank's ability to continue to grow and serve our customers and communities. This merger represents an important step in the growth of Security Financial. Our objective is to build a community bank of sufficient size to flourish in all economic environments for many years to come."