S.B.C.P. Bancorp, Inc. (OTCPK:SBBI) entered into an agreement to acquire Monona Bankshares, Inc. on March 12, 2022. Both Monona Bank and State Bank of Cross Plains will continue to function independently until Spring 2023, when the two banks are expected to fully integrate and operate under a new name. The agreement and plan of merger was unanimously approved by the boards of directors of both companies on March 14, 2022. The all-stock merger of equals is anticipated to close by the end of 2022, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and approval by the shareholders of each company. Peter Weinstock and Heather Archer Eastep of Hunton Andrews Kurth LLP acted as legal advisor and The Bank Advisory Group acted as financial advisor to S.B.C.P. Bancorp, Inc. Reinhart Boerner Van Deuren S.C. acted as legal advisor and John K. Freechack of Piper Sandler & Co. acted as financial advisor to Monona Bankshares, Inc.

S.B.C.P. Bancorp, Inc. (OTCPK:LRBI) acquired Monona Bankshares, Inc. on October 3, 2022. The merged bank holding company has been renamed Lake Ridge Bancorp, Inc. Monona Bank and State Bank of Cross Plains will continue to operate as separate banks until the core processing systems are converted in February 2023.