LAKE MILLS, Wisconsin, July 17, 2024 – Christopher M. George and Greenwoods Financial Group, Inc., the sole shareholder of Greenwoods State Bank, are pleased to announce a definitive agreement for the acquisition of Greenwoods Financial Group, Inc. by Mr. George. The transaction, which will see Greenwoods State Bank become indirectly wholly owned by Mr. George, has been unanimously approved by both boards of directors and is pending shareholder and regulatory approval. The acquisition is expected to close in the first quarter of 2025.
Christopher M. George is a prominent leader in the mortgage banking industry. His extensive background will be instrumental in informing and shaping policies, as well as enhancing products and procedures to better support customers and banking relationship opportunities. His tenure as past Chairman of the Mortgage Bankers Association and ongoing role on the MBA’s Board of Directors, along with his experience as a former Chairman of the California Mortgage Bankers Association, provide him with a comprehensive understanding of the industry’s regulatory landscape and best practices. Mr. George founded CMG Financial, a mortgage lender, in 1993 and has over 40 years of experience in the mortgage industry. His focus on increasing affordability and access to homeownership across the United States will help guide Greenwoods State Bank in navigating the current environment and fostering growth.
“I look forward to working with Bill, Rob and 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 we serve,” added Mr. 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. Through investments aimed at enhancing the Greenwoods banking experience, we aim to create solutions that will meet the ever-changing customer needs.”
Greenwoods State Bank, a $575 million Wisconsin State-chartered bank with nine locations throughout southern Wisconsin, will continue to be led by Bill McDonald, CEO of Greenwoods Financial Group, Inc., and Rob Cera, CEO of Greenwoods State Bank. All current bank employees will remain, ensuring their expertise as advisors provides continuity and stability for customers and staff.
Existing customers of Greenwoods State Bank will benefit significantly from this acquisition through investments in people and technology. These enhancements will expand their banking relationships while maintaining the excellent customer service and banking expertise customers have relied on for decades. The advancements will provide customers with more streamlined and efficient banking experiences, new mortgage lending options, access to additional advisors for wealth management, financial awareness and small business growth, and a comprehensive understanding of available financing options. Mr. George’s dedication to creating value for banking customers and the surrounding community is designed to increase core deposits, open doors for new banking relationships, and continue driving stability and predictability. These investments will continue to distinguish Greenwoods State Bank as the preferred banking partner in the markets and communities it currently serves, offering a high-touch, personalized banking relationship.
“The Board and I believe this is a tremendous opportunity for the bank’s long-term future and a great opportunity for all our employees. We are excited to work with Chris George and leverage his extensive experience and innovative approach to banking,” said Bill McDonald, CEO of Greenwoods State Bank.
Product innovation and investments aimed at enhancing the banking experience are expected to simplify existing banking relationships and foster a more holistic approach to serving customer needs. Innovations such as the All In One Loan™, a first-lien HELOC linked to a checking account designed to significantly accelerate mortgage payoff, and HomeFundIt™, a platform to help aspiring homebuyers crowdfund to raise and increase their down payment, are examples of transferable affordable homeownership solutions that are particularly attractive to consumers in the current high-rate environment. Integrating these types of financing solutions creates flexibility and opens access to homeownership, which, for many, is the first step in building generational wealth. Focusing on access to homeownership at a local level fosters community stability and economic growth by encouraging property conservation, civic engagement, and local investment. This leads to safer neighborhoods, better educational outcomes, and stronger social ties among residents, which is why homeownership is one of the bedrocks of the American dream.
Advisors:
Advisors on the transaction include Sullivan & Cromwell LLP and RSM US LLP for Mr. George, while Reinhart Boerner Van Deuren, s.c. advised Greenwoods State Bank.
About Christopher M. George:
Christopher M. George is a highly respected figure in the mortgage banking industry. He has served as a past Chairman of the Mortgage Bankers Association and is a current member of the MBA’s Board of Directors. He is also a past Chairman of the California Mortgage Bankers Association (CMBA) and has served on many advisory boards and task forces within the industry. Mr. George is the long-time founder of CMG Financial, a mortgage lender, with a distinguished career spanning four decades. He has created numerous ventures with various organizations in real estate, mortgage financing, and property development, helping to increase affordability and access to homeownership throughout the US. In addition, Mr. George founded the CMG Foundation in 2011, which supports building smart homes for those injured in the line of duty, provides financial assistance to families with loved ones undergoing medical treatment, and supports communities for those battling cancer.
About Greenwoods State Bank:
Headquartered in Lake Mills, WI, Greenwoods State Bank was founded in 1893 and is an FDIC state-chartered bank with locations in Jefferson, Green, Rock, Racine, Walworth, and Waukesha Counties. Greenwoods is a high-touch, community-focused bank centered on its customers. The bank offers a range of products and services, including business and personal banking, internet banking, and mobile banking. Greenwoods State Bank takes pride in being a strong partner in the local communities it serves, investing in local loans to neighbors, families, and businesses while providing a superior banking experience.
We are thrilled to announce that Christopher M. George will purchase 100% of Greenwoods Financial Group shares, marking a truly unique milestone for us. We are grateful for the opportunity and are eager to communicate the benefits to our customers. Here are some key opportunities we would like to highlight:
- This partnership will allow us to offer new products and services in the coming months while maintaining our current offerings. We anticipate this partnership enhancing and strengthening our offerings.
- More opportunities for community members to achieve home ownership.
We want to emphasize that this change involves a shift in the bank’s shareholders rather than a purchase or merger by a large corporate entity or another bank. Greenwoods State Bank will be owned by a single individual, pending regulatory approval and board vote.
Highlights of continued exceptional service with Greenwoods:
- Our commitment to Customer Service, People, Community Support, and Involvement will remain unchanged. We will continue to operate as a community bank, reinvesting in our communities as our footprint grows.
- Account and routing numbers will remain the same, with minimal to no impact on customers.
- Online Banking and Mobile Banking will remain the same.
- Decisions will still be made at the local level.
- The existing Bank leadership and team members will remain in place, with anticipated growth opportunities for our dedicated team members.
We are confident that this new chapter will bring immense value to our customers and the community. We are poised to innovate and expand, all while staying true to the core values that have defined Greenwoods State Bank for years.
As we move forward, we remain dedicated to transparency and accountability. We will keep you informed of any changes and updates as necessary. Our priority is to ensure that you continue to receive the high level of service you have come to expect from Greenwoods State Bank.
Thank you for your continued trust and support. We are excited about the future and look forward to continuing to serve you.
Warm regards,
The Greenwoods State Bank Team
Questions about how this will affect you?
What do I need to do?
Nothing! Continue to interact with the bank as you always have.
Will my account change?
No, there are no anticipated changes to your accounts.
Are the Bank offices closing?
No, all offices will remain open.
Will all the people be different?
No, we want all Bank employees to continue being a part of our team, and they will all have the opportunity to do so. Of course, each person will make their own decision.
Why are they doing this?
The management team and Board for the Company was presented with an opportunity that was highly beneficial to its shareholders, customers, employees, and community. Chris George looks forward to exploring synergies with the Bank and other Technological offerings. This opportunity provides Greenwoods State Bank with a long-term opportunity to continue to thrive in the banking world.
Will the name change?
Not at this time.
Will this require regulatory approval?
Yes, and both parties expect to that to be a smooth process and for it to take 6-9 months.
Where can I learn more about Chris George?
Chris George is a well-known and respected individual in the mortgage banking world and was Chairman of the Mortgage Bankers Association in 2019. Chris is the sole owner of CMG Financial. That Company’s website is www.cmgfi.com
Where is Chris George located?
CMG Financial is located in San Roman, California.
Are my deposits insured?
Yes, your deposits will continue to be insured by the FDIC in the same amounts and limits as the Bank’s FDIC insurance.
Will the Bank continue to be regulated?
Yes, the bank will continue to be regulated by the Federal Reserve.
If you have any additional questions, please contact us 800-224-2324 or email at bank@greenwoods.bank
