November 16, 2015 / 10:00 PM / 2 years ago

Fed OKs Baylake Corp's merger with NEW Bancshares Inc

WASHINGTON, Nov 16 (Reuters) - The U.S. Federal Reserve on Monday said it had approved Wisconsin-based Baylake Corp's application to merge with NEW Bancshares Inc, allowing it to indirectly acquire its subsidiary, Union State Bank of Kewaunee, Wisconsin.

The Fed said it had also signed off on a request to allow Baylake Bank of Sturgeon Bay, Wisconsin, to merge with Union State Bank.

Baylake and NEW Bancshares had announced an agreement to merge in May in a deal valued at about $9.7 million.

Reporting by Timothy Ahmann; Editing by Meredith Mazzilli

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