As several state banks plan to merge this year, the Bank of Luxemburg will remain locally owned. Banks in Tomah, Cedarburg, Evansville and Burlington have announced plans to merge. Some hope to improve new technologies and share costs, other bank leaders have no succession plans or want to get full value before another economic downturn. Bank of Luxemburg President and CEO Tim Treml says merging has been considered before, however, the answer has always been the same.
Bank mergers have been a trend in Wisconsin and have resulted in fewer banks. In 2008, there were 288 banks in the state. That number now stands at 204 following numerous mergers and acquisitions.