Madison Reporter

BOSP Bancshares, Inc., the parent company of Bank of Sun Prairie, has announced an agreement to acquire Banner Bancorp, Ltd., the holding company and sole shareholder of Banner Banks in Birnamwood, Wisconsin. The deal is subject to regulatory approval and standard closing conditions. Both companies’ boards have unanimously approved the transaction, which is expected to close in the fourth quarter of 2025.

After the acquisition, Banner Banks will transition to the Bank of Sun Prairie core system by the second quarter of 2026. The combined institution will operate eight locations across six communities in Wisconsin and report total assets of approximately $868 million as of December 31, 2024.

Jimmy Kauffman will continue as president and CEO after the merger. D. Shannon Blakley, current president and CEO of Banner Banks, will serve as a consultant following the transaction. All current employees at Banner Banks are expected to be offered positions within the merged organization.

“I look forward to welcoming our new colleagues and the customers of Banner Banks to our banking family and working with the entire Banner Banks’ team to bring the two banking organizations together as seamlessly as possible for the benefit of the bank’s customers and staff,” said Jimmy Kauffman, president and CEO of Bank of Sun Prairie. “This is a great opportunity for Bank of Sun Prairie to diversify our balance sheet and expand our footprint. Alignment with another community bank with similar values and a long-standing track record in their community is a perfect fit for us,” added Kauffman.

D. Shannon Blakley commented on the partnership: “We were looking for another community bank to partner with that has a dedicated commitment to serving their communities and deeply values their customers and employees, we believe we have found such a partner in Bank of Sun Prairie! We are also excited to know our customers will soon have access to new technologies, expanded loan products and enhanced deposit capabilities‒well beyond what we offer today.” He continued, “We’ll also have access to a wider range of agricultural customers as we expand into all the markets the bank will operate in.”

Banner Banks was founded in 1900 and chartered in 1903. It operates four branches located in Birnamwood, Hatley, Antigo, and Wittenberg. As reported at year-end 2024, it held $126 million in assets with 23 full-time equivalent employees.