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PRESS RELEASE |
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March 5, 2007 - First National Bank Completes Acquisition
of the Sheboygan Branch of Acuity Bank
First Manitowoc Bancorp, Inc. (OTC: FMWC), parent of First National Bank in Manitowoc, announced today that it has completed its previously disclosed $11 million cash acquisition of the Sheboygan Branch of Acuity Bank, which had loans of $16 million and deposits of $5 million at the time of closing. “We are delighted to add the Sheboygan branch of Acuity Bank to our existing network of 14 offices. This acquisition supplements our previously announced plans to enter the Sheboygan market under the leadership of Michael Molepske, our Southern Region President who joined our Bank in November 2005. Additionally, we have a new office currently under construction on Kohler Memorial Drive in Sheboygan, which is expected to open in November 2007. I am excited about the growth opportunities that Mike and our Southern Region team of bankers offer our organization,” said Thomas J. Bare, President, First National Bank. The Southern Region of First National Bank consists of the new office in Sheboygan, and 4 additional full-service banking locations in the cities of Plymouth, Kiel and New Holstein. “The customers of Acuity Bank in Sheboygan can be assured of a smooth transition,” said Michael Molepske, Southern Regional President of First National Bank. “We believe our people at First National Bank coupled with our diverse products and services will result in an enhanced banking experience for existing and new customers of the dynamic Sheboygan County market.” First National Bank is an independent community bank, founded in 1894 with 14 locations in Manitowoc, Brown, Calumet and Sheboygan counties. The Bank offers loan, deposit, investment advisory and trust products at each of its banking offices. Insurance products are available through its wholly owned subsidiary, the Vincent Group Inc. and asset management services are available through its wholly owned subsidiary, George V. Reis Investment Group, Inc. The Bank employs approximately 250 people and had assets of $688 million at December 31, 2006.
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