Christopher M. George to Acquire Greenwoods Financial Group, Inc. and Greenwoods State Bank

Christopher M. George ● Photo Credit: Christopher M. George

LAKE MILLS, Wis., July 17, 2024 (VSNewsNetwork.com) - Christopher M. George and Greenwoods Financial Group, Inc., the sole shareholder of Greenwoods State Bank, have announced a definitive agreement for the acquisition of Greenwoods Financial Group, Inc. by Mr. George. The transaction, which will result in Greenwoods State Bank becoming indirectly wholly owned by George, has been unanimously approved by the boards of directors of Greenwoods Financial and Greenwoods State Bank. The deal is subject to customary closing conditions, including shareholder approval and federal and state regulatory approvals, and is expected to close in the first quarter of 2025.

Christopher M. George, past Chairman of the Mortgage Bankers Association (MBA) and current member of its Board of Directors, founded CMG Financial, a mortgage lender, in 1993. George’s background in the mortgage banking industry is expected to inform and shape strategy, as well as enhance products and procedures at Greenwoods State Bank. His focus on increasing affordability and access to homeownership across the United States is expected to guide Greenwoods State Bank in navigating the current environment and fostering growth.

“I look forward to working with the entire Greenwoods team to assist in expanding the bank’s footprint and market share in Wisconsin and throughout the Midwest. Together, we will build on the strong foundation established by Greenwoods while continuing to invest in people and technology for the benefit of customers in the communities that Greenwoods serves today,” stated George. “In today’s high-rate environment, we are excited to bring innovative products and ideas to help address the challenge of creating better access to affordable housing options and through investments aimed at enhancing the Greenwoods banking experience, we aim to create solutions that will meet ever-changing customer needs.”

Greenwoods State Bank, a Wisconsin state-chartered bank with 10 branches throughout southern Wisconsin, will continue to be led by Bill McDonald, CEO of Greenwoods Financial, and Rob Cera, President of Greenwoods State Bank. All current bank employees will remain with the bank following the transaction, ensuring continuity and stability for customers and staff.

"The Board and I believe this is a tremendous opportunity for the bank’s long-term future and for all employees. We are excited to work with Mr. George and leverage his extensive experience and innovative approach to banking," said McDonald.

Advisors on the transaction include Sullivan & Cromwell LLP and RSM US LLP for Christopher M. George, while Reinhart Boerner Van Deuren s.c. is advising Greenwoods State Bank.

For more information about Greenwoods State Bank, visit www.greenwoodsbank.com.

Source: Christopher M. George via Newswire