The Elcho bank, formally known as Northwoods National Bank, Elcho branch of The Baraboo National Bank, has been purchased by the State Bank of Florence.
When combined with current branch locations in Florence, Aurora, Wausaukee, and Eagle River, State Bank of Florence will have approximately $105 million in assets, $56 million in loans and $92 million in deposits.
“We are very much looking forward to welcoming our new customers and employees in Elcho,” Thomas A. Wittkopf, president and CEO of State Bank of Florence, said. “We have developed a niche providing a wide array of financial services and developing personal relationships with people in small communities in Northern Wisconsin. The bank has been family owned and operated for three generations and looks forward to meeting the families in our new community!”
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