North Shore Bank to buy 1895 Bancorp and PyraMax Bank

North Shore Bank and 1895 Bancorp of Wisconsin have agreed to a definitive deal that would fold PyraMax Bank into North Shore, creating a combined company with nearly $3.1 billion in assets. The transaction, which still needs stockholder and regulatory approval, is expected to close in the fourth quarter of 2026. Why it matters: - The acquisition would expand North Shore Bank’s footprint in southeastern Wisconsin and add PyraMax Bank’s six-branch network. - The combined company would have assets approaching $3.1 billion, increasing scale in a competitive community-banking market. - PyraMax customers would gain a broader branch network, extended service hours seven days a week and additional digital banking capabilities. What happened: - North Shore Bank and 1895 Bancorp of Wisconsin announced a definitive agreement under which North Shore Bank will acquire 1895 Bancorp and its subsidiary, PyraMax Bank, FSB. - The deal was announced June 18, 2026. - The agreement was unanimously approved by both boards of directors. - The transaction still needs approval from 1895 Bancorp stockholders and regulators. - Closing is expected in the fourth quarter of 2026. The details: - 1895 Bancorp stockholders will receive cash for their shares through a special dividend from 1895 Bancorp and a payment at closing from North Shore Bank. - The closing payment will be adjusted based on several factors, including 1895 Bancorp’s tangible equity at closing. - 1895 Bancorp currently estimates the per-share value of total consideration at $18.40 to $18.66. - As of March 31, 2026, PyraMax Bank had $597.7 million in assets. - PyraMax Bank operated six branches in Franklin, Grafton, Greenfield, Mukwonago, South Milwaukee and Waukesha, Wisconsin. - North Shore Bank was founded in 1923 and is headquartered in Brookfield, Wisconsin. - North Shore Bank has more than 40 offices and more than $2.5 billion in assets. - 1895 Bancorp is the holding company for PyraMax Bank, FSB. - PyraMax Bank is headquartered in Greenfield, Wisconsin. - PyraMax Bank has three full-service offices in Milwaukee County, two in Waukesha County and one in Ozaukee County. - 1895 Bancorp’s stock is quoted on the OTCQX Market under the symbol BCOW. - North Shore Bank was advised by Piper Sandler & Co. and Reinhart Boerner Van Deuren, s.c. - PyraMax Bank was advised by Luse Gorman, PC. - Keefe, Bruyette & Woods, a Stifel Company, served as 1895 Bancorp’s financial advisor and delivered a fairness opinion to the board. Between the lines: - The deal pairs two banks that both frame community banking around local decision-making and relationship-driven service. - North Shore Bank described the acquisition as a way to grow in familiar markets while entering a few new communities. - PyraMax Bank said the combination should improve customer offerings without changing the bank’s personal-service model. - The structure shows North Shore Bank buying the holding company rather than merging two equal-sized peers. What’s next: - 1895 Bancorp will send stockholders a proxy statement and other solicitation materials before the vote. - Stockholders should review those materials before deciding how to vote. - The parties will work toward regulatory approval and a fourth-quarter 2026 closing. The bottom line: - North Shore Bank is betting that a larger footprint and added services can strengthen its community-banking model without losing the local feel that defines both banks.