Shareholders approve Nicolet, Baylake bank merger

Nicolet National Bank and Baylake Bank shareholders agreed Tuesday to merge the businesses under the Nicolet bank name.

Nicolet Chairman and CEO Bob Atwell said 70 percent of Nicolet shareholders cast ballots, more than 90 percent of which were in favor of the combination. Sixty-four percent of Baylake Bank’s shareholders backed the merger  at a meeting Tuesday night at the Stone Harbor Resort and Conference Center in Sturgeon Bay.

With shareholders’ approval in place, the $140 million deal will close on April 29.

Nicolet National Bank Executive Vice President Mike Daniels said Nicolet will use the weekend after the merger is completed to integrate computer systems, erect new signs at Baylake locations and prepare to open as one company on May 2.

“To close, convert and change over everything at one time allows everyone to focus on the customer with hopefully as few glitches as possible,” Daniels said. “At a majority of the branches, especially in Door County and the Lakeshore, customers will see the same people they did a week ago, a month ago, a year ago.”

The merged bank will be the fifth-largest Wisconsin-based bank with $2.15 billion in assets and $1.7 million in deposits under its control.

Under the terms of the merger, Baylake shareholders will receive 0.4517 shares of Nicolet stock per share of Baylake stock. On April 1, Baylake declared a special dividend of $0.40 per share of common stock payable April 25 to shareholders of record on April 18.

Daniels said only two branches, not the three announced in February, will close after the merger. He said Nicolet plans to continue to operate two Ashwaubenon branches, at 2363 Holmgren Way and at Baylake’s location at 960 Hansen Road.

Nicolet will close its branch at 1610 Lawrence Drive, in west De Pere, and consolidate operations into Baylake’s branch at 1450 Scheuring Road. Baylake’s downtown Green Bay branch at 301 S. Adams St. will also close and its staff will move into Nicolet’s headquarters at 111 N. Washington St.

Daniels said integration of the banks’ operations will continue after the deal closes at the end of the month, but he said there has been minimal impact to either bank’s workforce.

“People have opted out on their own to leave ahead of time from both organizations. Others have received job offers that may require relocations,” Daniels said. “The positive side is it has opened up opportunities.”

jbollier@gannett.com and follow him on Twitter @GBstreetwise .