A Superior bank chain is about to get bigger.
National Bank of Commerce's parent company -- NATCOM Bancshares Inc. -- announced Wednesday that it has signed a purchase agreement to acquire Superior Bancorporation Ltd., doing business as Community Bank at two Tower Avenue locations and at the Rothwell Student Center on the University of Wisconsin-Superior campus.
Before the purchase can proceed, the deal needs to be approved by shareholders and regulators. The transaction is expected to close in August. Terms of the sale were not made public.
After the deal, NATCOM expects to boast combined assets of more than $540 million.
Larry Kappes, president and CEO of National Bank of Commerce, could not be reached for comment Wednesday, and no one else with the bank was authorized to field questions about the sale, implications for customers or the future possibility of consolidated operations.
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National Bank of Commerce and Community Bank currently operate banks within one block of each other on Tower Avenue.
"This move strengthens our commitment and continued focus on community banking," Kappes said in a written statement. "Together, our talented staff, exceptional services and resources will provide another level to the exemplary service our customers have come to know. We are very happy about the partnership with National Bank of Commerce."
Robert Hall, president of Community Bank, did not respond to a request for an interview Wednesday afternoon but did issue a statement, saying: "We are very proud of our history and our commitment to our customers, employees, shareholders and communities we serve. We look forward to continuing this tradition as a partner with National Bank of Commerce."
National Bank of Commerce has offices in Superior, Duluth, Hermantown, Poplar and Solon Springs.
