Tracked deals
30
30 tracked deals across 2019-2026.
Financial Services Buyers & Acquisitions in Wisconsin
Buyer mix
Strategic-led
25 strategic · 9 pe
Top trend
Volume peaked in 2026
6 tracked deals announced in 2026.
Primary Insight
What Stands Out
- Community banks: deals include all-stock and cash-merger structures that expand presence across Wisconsin (including the Milwaukee area and the Stateline region).
- Wealth & RIAs: multiple buyers—such as Merit Financial Advisors, Edelman Financial Engines, Atlas Financial Services, and Bluespring Wealth Partners—acquire advisory firms to add client assets and advisor teams.
- Capability expansion shows up repeatedly: trust/wealth management (e.g., Bank First Corporation acquiring Centre 1 Bancorp), tax planning and wealth management (e.g., Merit Financial Advisors acquiring Mennenga Tax & Financial), and retirement/group benefits (e.g., Socium Advisors acquiring Amplify Wealth Partners).
- Operational integration is a common theme, with timelines often pointing to closing and systems conversion in late 2026 for bank mergers and platform onboarding for RIA acquisitions.
- Payments infrastructure also appears: a joint venture involving Fiserv and Bridgeport Partners combines ATM managed services, logistics, and the MoneyPass network businesses (subject to approvals).
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Bank First Corporation | 3 | Public bank holding company and operator of Bank First, a... | Strategic |
| Merit Financial Advisors | 2 | National wealth management and financial planning firm su... | Strategic (PE-backed) |
| Nicolet Bankshares, Inc. | 2 | Bank holding company of Nicolet National Bank offering co... | Strategic |
| Abrigo | 1 | Provides compliance, credit risk, lending and enterprise ... | Strategic (PE-backed) |
| Accel-KKR | 1 | Technology-focused private equity firm investing in softw... | PE |
| Apollo | 1 | High-growth alternative asset manager that manages invest... | PE |
| Aquarian Holdings | 1 | Diversified global holding company and asset manager inve... | PE |
| Athene | 1 | Retirement services and financial solutions provider/inve... | Strategic |
| Atlas Financial Services (Atlas) | 1 | Next-generation financial technology company and parent o... | Strategic (PE-backed) |
| Bank CMG | 1 | Wisconsin state-chartered community bank providing local ... | Strategic |
Acquisition Volume in Financial Services in Wisconsin by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
July 12, 2026
- Buyer
- Bank CMG
- Target
- Farmers Savings Bank
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Bank CMG completed its acquisition of Farmers Savings Bank, combining two Wisconsin community banks focused on customer service, local decision-making, and community investment. The deal expands Bank CMG’s presence across Wisconsin and provides Farmers Savings Bank customers access to a broader suite of banking, lending, treasury management, and digital banking services.
-
- Buyer
- North Shore Bank
- Target
- 1895 Bancorp of Wisconsin, Inc., PyraMax Bank, FSB
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
North Shore Bank entered into a definitive agreement to acquire 1895 Bancorp of Wisconsin, Inc., the holding company for PyraMax Bank, FSB. The deal is structured as a cash merger, with 1895 Bancorp stockholders receiving a special dividend and an additional payment at closing, subject to adjustments. Closing is expected in the fourth quarter of 2026, pending stockholder and regulatory approvals.
-
May 21, 2026
- Buyer
- Bank First Corporation
- Target
- PSB Holdings, Inc., Peoples State Bank
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Bank First Corporation has signed an agreement to acquire PSB Holdings, Inc., the parent company of Peoples State Bank, in an all-stock transaction valued at approximately $202.9 million. The merger is intended to expand Bank First’s community banking footprint across North Central Wisconsin and the greater Milwaukee area, with closing and systems conversion expected in the fourth quarter of 2026.
-
May 13, 2026
- Buyer
- Bridgeport Partners
- Target
- Fiserv ATM Managed Services, Cash 26 Logistics, MoneyPass Network
- Seller
- Fiserv, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Growth capital
Fiserv has entered into a definitive agreement with Bridgeport Partners to form a joint venture that will encompass Fiserv’s ATM Managed Services, Cash 26 Logistics, and MoneyPass businesses. The transaction is subject to regulatory approvals and customary closing conditions, and Bridgeport Partners is expected to assume operational control upon closing.
-
April 2, 2026
- Buyer
- Socium Advisors
- Target
- Amplify Wealth Partners
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Socium Advisors announced it is integrating Amplify Wealth Partners into its platform. The acquisition expands Socium’s retirement planning, group benefits, and comprehensive wealth management capabilities, while preserving Amplify’s existing Milwaukee office presence and client advisory relationships.
-
- Buyer
- Bank First Corporation
- Target
- Centre 1 Bancorp, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Bank First Corporation (holding company of Bank First, N.A.) completed its acquisition of Centre 1 Bancorp, Inc., the parent company of The First National Bank and Trust Company, in an all-stock transaction. The deal expands Bank First’s services into trust and wealth management and increases its footprint across Wisconsin and the Stateline area of Illinois.
-
October 31, 2025
- Buyer
- Merit Financial Advisors
- Target
- Mennenga Tax & Financial
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Addon
Merit Financial Advisors has acquired Mennenga Tax & Financial, adding $715 million in client assets and more than 35 employees. Founder Marshall Mennenga will join Merit as Wealth Manager, Tax Advisor, and Partner; the deal expands Merit's tax planning and wealth management capabilities in Wisconsin and provides Mennenga access to Merit’s technology and resources. The transaction closed on October 31, 2025; financial terms were not disclosed and FP Transitions advised on the deal.
-
October 6, 2025
- Buyer
- Edelman Financial Engines
- Target
- Hasenberg Financial Group
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Edelman Financial Engines (EFE) has acquired Hasenberg Financial Group, a wealth advisory firm based in Eau Claire, Wisconsin led by founder Chris Hasenberg. The deal brings Hasenberg's ~$300 million in client assets and 750+ clients onto EFE's platform as part of EFE's regional growth and selective M&A program.
-
July 16, 2025
- Buyer
- Atlas Financial Services (Atlas)
- Target
- Central Wealth Management (CWM)
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Atlas Financial Services (Atlas) has acquired Central Wealth Management (CWM), an RIA based in Madison, Wisconsin, bringing Atlas' assets under management to more than $230 million. CWM will operate under the Atlas brand with its Madison office retained; founder Eric Heiting will become President and Head of Wealth Management at Atlas as the firm expands its AI-driven wealth platform and mass-affluent offerings.
-
June 24, 2025
- Buyer
- Merit Financial Advisors
- Target
- AMP Wealth Management
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Addon
Merit Financial Advisors, a Georgia-based wealth management firm, has acquired AMP Wealth Management of Whitefish Bay, Wisconsin, adding $365 million of assets and expanding Merit's Midwest footprint with a seventh office in Wisconsin. AMP's founder Dr. Jerome Mahalick and his team will join Merit, and AMP's dividend-focused investment strategy will be integrated into Merit's platform; financial terms were not disclosed.
-
- Buyer
- Walkner Condon Financial Advisors
- Target
- King Financial Group
- Seller
- Andy King
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Walkner Condon Financial Advisors has acquired King Financial Group of Verona, Wisconsin, adding a third Madison-area office and expanding local wealth management capacity. Andy King will join Walkner Condon's team and continue serving clients from the Verona location, strengthening the firm's local presence and client coverage across Dane County.
-
- Buyer
- Bluespring Wealth Partners
- Target
- Charter Capital Management
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Addon
Bluespring Wealth Partners, a Kestra-owned acquirer of independent RIAs, has acquired Charter Capital Management, a Brookfield, Wisconsin-based wealth management firm overseeing more than $400 million in AUM. The deal brings Charter’s four-advisor team onto the Bluespring platform to leverage Bluespring’s operational resources and succession-planning capabilities to support growth and advisor succession.
-
December 21, 2024
- Buyer
- Creative Planning
- Target
- Kowal Investment Group
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Creative Planning, a large independent wealth management firm based in Overland Park, Kansas, acquired Kowal Investment Group, an RIA based in Brookfield, Wisconsin. The deal closed December 21, 2024; Kowal's 20 employees and approximately $1.3 billion in AUM joined Creative Planning as part of the firm's ongoing nationwide expansion.
-
October 30, 2024
- Buyer
- Aquarian Holdings
- Target
- PACE Equity
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Aquarian Holdings has acquired a majority stake in PACE Equity and committed up to $1 billion of financing to scale the firm's commercial PACE (C-PACE) lending platform. The investment will expand PACE Equity's capacity to fund commercial green building projects and broaden its market reach across the U.S.
-
September 26, 2024
- Buyer
- Trusted Fraternal Life
- Target
- Catholic United Financial
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Trusted Fraternal Life announced that delegates for Catholic United Financial voted in favor of a merger, a required step to proceed to regulatory approval. The merger is expected to take effect January 1, 2025, pending approvals, creating an organization with nearly $3 billion in assets and over 215,000 members.
-
September 27, 2023
- Buyer
- Johnson Financial Group
- Target
- The Appleton Group
- Seller
- Mark Scheffler
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Johnson Financial Group (JFG) has signed an agreement to acquire The Appleton Group, a registered investment advisor based in Appleton, Wisconsin, with $210 million in assets under management. The deal is expected to close at the end of the month, expanding JFG’s banking and wealth business in Wisconsin and adding Appleton employees and clients to its Johnson Wealth platform.
-
June 5, 2023
- Buyer
- Mercer Global Advisors, Inc.
- Target
- RMR Wealth Advisors, LLC
- Seller
- Erik Mikkelson, Doug (Douglas) Giageos, Lisa Sowls
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Mercer Global Advisors, Inc. (Mercer Advisors) has acquired RMR Wealth Advisors, LLC, a Madison, Wisconsin-based wealth management firm founded in 2009. The deal brings RMR’s team, approximately $350 million in AUM and ~150 clients into Mercer’s national RIA platform to expand Mercer’s family office and wealth management capabilities.
-
March 21, 2023
- Buyer
- First Mid Bancshares, Inc.
- Target
- Blackhawk Bancorp, Inc.
- Seller
- Blackhawk Bancorp shareholders
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
First Mid Bancshares, Inc. will acquire 100% of Blackhawk Bancorp, Inc. in a stock-for-stock merger in which Blackhawk shareholders will receive 1.15 shares of First Mid common stock for each share of Blackhawk common stock (aggregate consideration of approximately $90.3 million based on First Mid's March 20, 2023 share price). The transaction expands First Mid's footprint with Blackhawk's 10 branches in Wisconsin and Illinois, is expected to close in the second half of 2023 subject to regulatory and shareholder approvals, and is projected to be accretive to EPS with significant cost savings and liquidity benefits.
-
December 1, 2022
- Buyer
- Guild Mortgage
- Target
- Inlanta Mortgage
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Guild Mortgage, a San Diego-based national lender, has acquired Inlanta Mortgage, a Wisconsin-based independent mortgage lender that serves borrowers across multiple Midwestern states. The deal (terms undisclosed) expands Guild's footprint in the Midwest and adds Inlanta's origination and servicing capabilities and branch/loan officer relationships to Guild's platform.
-
- Buyer
- Hub International Limited
- Target
- Compass Insurance Services, Inc.
- Seller
- Compass Insurance Services, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Divestiture
Hub International Limited acquired the assets of Compass Insurance Services, Inc., a Kronenwetter, Wisconsin–based independent insurance agency. The acquisition expands Hub’s commercial and personal insurance capabilities in the Midwest and brings the Compass team, led by President John Guerndt, into Hub Midwest West.
-
- Buyer
- Dupaco Community Credit Union
- Target
- Home Savings Bank
- Seller
- Home Bancorp Wisconsin, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Divestiture
Dupaco Community Credit Union of Dubuque, Iowa completed an all-cash purchase-and-assumption transaction for the assets and liabilities of Home Savings Bank (a subsidiary of Home Bancorp Wisconsin, Inc.). Following the transaction Home Savings Bank will enter liquidation under Wisconsin law and Home Bancorp Wisconsin, Inc. will dissolve and distribute remaining assets to its stockholders.
-
- Buyer
- GO Companies, LLC, Tradepost, LLC
- Target
- GO Mortgage
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Tradepost, LLC sponsored GO Companies, LLC’s acquisition of GO Mortgage, a national residential mortgage bank. The deal forms part of a broader strategy by GO Companies to build a vertically integrated residential real estate platform (including brokerage, title and insurance) to provide end-to-end services for homebuyers.
-
January 19, 2022
- Buyer
- Bank First Corporation
- Target
- Denmark Bancshares, Inc. (Denmark State Bank)
- Seller
- Shareholders of Denmark Bancshares, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Bank First Corporation (Nasdaq: BFC) signed a definitive Agreement and Plan of Merger to acquire 100% of the common stock of Denmark Bancshares, Inc., parent of Denmark State Bank, in a combined stock-and-cash transaction valued at approximately $119 million. The deal (targeted to close early Q3 2022) expands Bank First's franchise in Northeast Wisconsin, increases deposit market share and adds Denmark's agricultural banking expertise to the combined organization.
-
November 29, 2021
- Buyer
- Athene, Apollo
- Target
- Aqua Finance
- Seller
- Funds managed by Blackstone Tactical Opportunities
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Athene has agreed to acquire a controlling stake in Aqua Finance, a Wisconsin-based consumer lending platform, at a valuation of about $1 billion. Apollo will manage the investment on Athene’s behalf, while funds managed by Blackstone Tactical Opportunities will retain a minority stake.
-
February 4, 2021
- Buyer
- Pillsman Partners, LLC, Peninsula Capital Partners
- Target
- Edge One Inc.
- Seller
- Edge One's owners and management
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Recapitalization
Greenwich-based Pillsman Partners, together with Peninsula Capital Partners, completed a recapitalization of Edge One Inc., a Stoughton, Wisconsin-based provider of ATMs and related financial equipment and services. The transaction, which closed December 4, 2020, provides Edge One with capital to support organic growth and targeted acquisitions while retaining participation by the company’s owners and management.
-
March 18, 2020
- Buyer
- Management team of Geneva Capital Management, Estancia Capital Management
- Target
- Geneva Capital Management
- Seller
- Janus Henderson Group
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
The management team of Geneva Capital Management, in partnership with Estancia Capital Management, completed a management buyout of Geneva from Janus Henderson Group on March 17, 2020. The deal returns Geneva to majority employee ownership, preserves the firm's investment autonomy, and positions the firm for continued growth (terms not disclosed).
-
- Buyer
- Nicolet Bankshares, Inc.
- Target
- Advantage Community Bancshares, Inc., Advantage Community Bank
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Nicolet Bankshares, Inc. (NASDAQ: NCBS) agreed to acquire Advantage Community Bancshares, Inc. and its banking subsidiary, Advantage Community Bank, in an all-cash transaction. The deal, which consolidates Nicolet’s presence in Central Wisconsin and expands its small-business and commercial banking footprint, was approved by both boards and expected to close in Q3 2020 subject to shareholder and customary approvals.
-
February 19, 2020
- Buyer
- Motive Partners
- Target
- Tegra118 (formerly Fiserv Investment Services)
- Seller
- Fiserv, Inc.
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Divestiture
Motive Partners acquired a majority interest in Fiserv’s Investment Services business, with Fiserv retaining a 40% equity stake. The business was rebranded as Tegra118 and will be led by Cheryl Nash as CEO while Motive Partners will focus on modernizing the platform and investing in growth and integrated solutions.
-
- Buyer
- Nicolet Bankshares, Inc.
- Target
- Commerce Financial Holdings, Inc., Commerce State Bank
- Seller
- Commerce Financial Holdings shareholders
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Buyout
Nicolet Bankshares, Inc. agreed to acquire Commerce Financial Holdings, Inc. and its wholly owned subsidiary Commerce State Bank in a stock-for-stock merger, with Nicolet as the surviving corporation. The transaction, valued at approximately $129.6 million (based on Nicolet's share price at announcement), expands Nicolet's assets and branch footprint in Wisconsin and is expected to close in Q3 2020 subject to shareholder and regulatory approvals.
-
March 5, 2019
- Buyer
- Abrigo, Accel-KKR
- Target
- FARIN Financial Risk Management
- Industry
- Financial Services
- Location
- Wisconsin, United States
- Type
- Addon
Abrigo, a provider of compliance, credit risk and lending technology for community financial institutions, acquired Wisconsin-based FARIN Financial Risk Management to bolster its enterprise risk management and asset-liability management capabilities. The deal is an add-on to Abrigo (which is backed by private equity firm Accel-KKR) intended to expand product and advisory offerings for community banks and credit unions.
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Frequently Asked Questions
What kinds of financial services deals are most common in Wisconsin here?
The page highlights acquisitions across community banking, wealth management / RIAs, and at least one ATM managed-services and payments network joint venture.
Are Wisconsin bank acquisitions typically structured as cash deals or stock deals?
Both appear. For example, North Shore Bank’s agreement with 1895 Bancorp of Wisconsin is described as a cash merger, while Bank First Corporation’s deals are described as all-stock transactions.
Do RIA acquisitions focus on assets and advisor teams?
Yes. Several summaries describe added client assets under management and the addition/retention of advisory teams—for instance, Merit Financial Advisors acquiring Mennenga Tax & Financial and Bluespring Wealth Partners acquiring Charter Capital Management.
Is there any non-traditional (non-bank, non-RIA) activity listed for Wisconsin?
Yes. The page includes a joint venture involving Fiserv and Bridgeport Partners that combines ATM managed services, cash logistics, and MoneyPass network-related businesses.
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