First Federal Bank of Wisconsin in Waukesha and Bay View Federal Savings and Loan Association are merging.

The banks said in a press release Wednesday that the merger will create a company with $255 million in assets. Financial terms of the merger were not disclosed, though the banks said they expect to complete the combination by mid-2014.

The bank will use the First Federal name and will be based in Waukesha.

"This merger will provide us with an enhanced capacity to better serve our customers and jointly expand," Gary Riley, First Federal's president and chief executive, said in the release.

Riley told customers in a separate letter that he will serve as the bank's chairman and CEO. He said Steve Johnson, Bay View's president, will become president of First Federal.

 

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