- Northwoods National Bank customers will start using a new bank soon.
Peoples State Bank will buy Northwoods National.
The group will buy all of Northwoods’ assets, active loans and deposits.
Bank leaders say the transition should be easy for Northwoods customers.
“The transition from being part of Northwoods to now being part of Peoples
State Bank is going to be very seamless because we’ve got the same type of data
system both banks are working off of presently,” said Tom Knudsen, Peoples
Northern Region President.
Northwoods’ customers will get the same statements from Peoples State.
Peoples State will also buy the Northwoods’ building on Lincoln Street.
That means Rhinelander will have two peoples state bank locations.
“They’ll be able to bank in Minocqua, Eagle River and Rhinelander so hopefully
that will help provide conveniences for them because I know they have a lot of
customer base that is outside of the city of Rhinelander. So that’s going to be
a real plus,” said Knudsen.
The merger is expected to be approved by March.
Peoples State Bank has been in Rhinelander since 1998.
Story By: Karolina Buczek