LAKE MILLS, Wis., July 17, 2024 (Newswire.com)
–
Christopher M. George and Greenwoods Financial Group, Inc., the sole shareholder of Greenwoods State Bank, are pleased to announce a definitive agreement for the acquisition of Greenwoods Financial Group, Inc. by Mr. George. The transaction, which will see Greenwoods State Bank become indirectly wholly owned by Mr. George, has been unanimously approved by the boards of directors of Greenwoods Financial and Greenwoods State Bank and is subject to customary closing conditions, including shareholder approval and federal and state regulatory approvals. The acquisition is targeted to close in the first quarter of 2025.
Christopher M. George is a prominent leader in the mortgage banking industry. His extensive background will be instrumental in informing and shaping strategy, as well as enhancing products and procedures to better support customers and banking relationship opportunities. His experience as the past Chairman of the Mortgage Bankers Association (MBA) and his ongoing role on the MBA’s Board of Directors, along with founding CMG Financial, a mortgage lender, in 1993, provide him with a comprehensive understanding of the mortgage industry’s regulatory landscape and best practices. His focus on increasing affordability and access to homeownership across the United States will help guide Greenwoods State Bank in navigating the current environment and fostering growth.
“I look forward to working with the entire Greenwoods team to assist in expanding the bank’s footprint and market share in Wisconsin and throughout the Midwest. Together, we will build on the strong foundation established by Greenwoods while continuing to invest in people and technology for the benefit of customers in the communities that Greenwoods serves today,” stated Mr. George. “In today’s high-rate environment, we are excited to bring innovative products and ideas to help address the challenge of creating better access to affordable housing options and through investments aimed at enhancing the Greenwoods banking experience, we aim to create solutions that will meet ever-changing customer needs.”
Greenwoods State Bank, a Wisconsin state-chartered bank with 10 branches throughout southern Wisconsin, will continue to be led by Bill McDonald, CEO of Greenwoods Financial, and Rob Cera, President of Greenwoods State Bank. All current bank employees will remain with the bank following the consummation of the transaction. This will ensure continuity and stability for customers and staff.
“The Board and I believe this is a tremendous opportunity for the bank’s long-term future and for all employees. We are excited to work with Mr. George and leverage his extensive experience and innovative approach to banking,” said Bill McDonald, CEO of Greenwoods State Bank.
Customers of Greenwoods State Bank will benefit significantly from this acquisition through planned investments in people and technology. These enhancements will expand their banking relationships while maintaining the excellent customer service and the banking expertise customers have relied on for decades. Mr. George’s dedication to affordable homeownership and creating value for banking customers is designed to increase core deposits, open doors for new banking relationships, and continue driving stability and predictability. This will continue to distinguish Greenwoods State Bank as the preferred banking partner in the markets and communities it currently serves, offering a high-touch, personalized banking relationship. Focusing on access to homeownership at a local level fosters community stability and economic growth by encouraging property conservation, civic engagement, and local investment. This leads to safer neighborhoods, better educational outcomes, and stronger social ties among residents, which is why homeownership is one of the bedrocks of the American dream.
Advisors:
Advisors on the transaction include Sullivan & Cromwell LLP and RSM US LLP for Christopher M. George while Reinhart Boerner Van Deuren s.c. is advising Greenwoods State Bank.
About Christopher M. George:
Christopher M. George is a highly respected figure in the mortgage banking industry. He has served as a past Chairman of the Mortgage Bankers Association and is a current member of the MBA’s Board of Directors. He is also a past Chairman of the California Mortgage Bankers Association (CMBA) and has served on many advisory boards and task forces within the industry. Mr. George is the founder and CEO of CMG Financial, a mortgage lender, with a distinguished career spanning four decades. He has created numerous ventures with various organizations in real estate, mortgage financing, and property development, helping to increase affordability and access to homeownership throughout the U.S. In addition, Mr. George founded the CMG Foundation in 2011, which supports building smart homes for those injured in the line of duty, provides financial assistance to families with loved ones undergoing medical treatment, and donates to organizations that provide support services for those battling cancer.
About Greenwoods State Bank:
Headquartered in Lake Mills, Wisconsin, Greenwoods State Bank was founded in 1893 and is a non-member state-chartered bank with locations in Jefferson, Green, Rock, Racine, Walworth, and Waukesha counties. Greenwoods is a high-touch, community-focused bank centered on its customers. The bank offers a range of products and services, including business and personal banking, internet banking, and mobile banking. Greenwoods State Bank takes pride in being a strong partner in the local communities it serves, investing in local loans to neighbors, families, and businesses while providing a superior banking experience.
Contact Information:
Nadine Flaherty
Executive Assistant
925-983-3123
Original Source:
Christopher M. George to Acquire Greenwoods Financial Group, Inc. and Its Wholly Owned Subsidiary Greenwoods State Bank
