Wipfli Corporate Finance advises Headwaters Bancorp, Inc. on its sale to Lake Shore III Corporation

March 29, 2022

Glenwood City, Wis.-based Lake Shore III Corporation (parent company to Hiawatha National Bank) agreed to acquire Land O’Lakes, Wis.-based Headwaters Bancorp, Inc. (parent company to Headwaters State Bank). The financial terms of the agreement were not disclosed. The deal is expected to close in the third quarter of 2022, pending regulatory approval, approval of Headwaters Bancorp, Inc.’s shareholders, and other customary closing conditions. 

Headwaters State Bank had $84 million in assets as of December 31, 2021, and operates from a main location in Land O’Lakes, Wis. and one branch in Presque Isle, Wis. Hiawatha National Bank had $530 million in assets as of December 31, 2021, with seven Wisconsin locations in Glenwood City, Hager City, Hudson, Maiden Rock, Osceola, and Plymouth. Lake Shore III Corporation’s assets are anticipated to increase to over $630 million following completion of the deal.

WCF Advisors is serving as the exclusive financial advisor and Boardman & Clark LLP is serving as legal counsel to Headwaters Bancorp, Inc. on the transaction. Reinhart Boerner Van Deuren, S.C. is serving as legal counsel to Lake Shore III Corporation and Hiawatha National Bank.