Wipfli Corporate Finance represented Headwaters Bancorp, Inc. on its sale to Lake Shore III Corporation
July 13, 2022
Wipfli Corporate Finance Advisors is pleased to congratulate Headwaters Bancorp, Inc. (parent company to Headwaters State Bank) on its recent sale to Lake Shore III Corporation (parent company to Hiawatha National Bank).
Headwaters State Bank had $80 million in assets as of March 31, 2022, and operates from a main location in Land O’Lakes, Wisconsin and one branch in Presque Isle, Wisconsin. Hiawatha National Bank had $573 million in assets as of March 31, 2022, with seven locations across Glenwood City, Hager City, Hudson, Maiden Rock, Osceola and Plymouth, Wisconsin. The acquisition of Headwaters Bancorp, Inc., with its deep community presence and strong employee base, complements Lake Shore III Corporation’s geographic presence and community bank franchise growth strategy. Lake Shore III Corporation’s assets increased to over $650 million following completion of the deal.
WCF Advisors served as the exclusive financial advisor, and Boardman & Clark LLP served as legal counsel to Headwaters Bancorp, Inc., on the transaction. Reinhart Boerner Van Deuren, S.C. served as legal counsel to Lake Shore III Corporation and Hiawatha National Bank.
The financial terms of the agreement were not publicly disclosed.