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Community First Bank – Livingston State Bank Merger

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General Information:

On February 18, 2016, Boscobel Bancorp, Inc., (Boscobel) the holding company of Community First Bank (CFB) and Rural Bancshares of Wisconsin, Inc., (Rural) the holding company of Livingston State Bank (LSB), announced their intent to merge. Applications have been sent to the necessary regulatory authorities for approval of the merger. We expect the merger of the holding companies to occur in the second quarter of 2016. The merger of LSB and CFB is expected to occur in the fourth quarter of 2016. Until that time, it is business as usual for you, our valued customers. We are very excited about the joining of these two strong community banks and believe it will have many long-term benefits for our customers and communities.

The decision for CFB and LSB to merge began with a simple discussion between two board members. As those discussions expanded and became more strategic, it became apparent that there were many long term benefits for both of our organizations, and our respective employees, customers and communities.

Benefits:

Some of the benefits of the merger to you, our customers, include the following:

  • The banks and employees have similar cultures of providing superior value to their customers and a strong commitment to their communities.
  • The bank’s markets complement each other and will provide customers with the ability to transact business at an expanded number of locations.
  • As a combined organization, we will have the ability to provide new and improved products and services to our customers.
  • Our combined institution will have the capability to make and service larger loans that we were unable to do on our own. The combined loan portfolio will have more diversity and each institution will bring expertise in different lending areas.
  • The combined bank will have a stronger and more diverse management team and Board of Directors.

Most importantly, the merger will help ensure that we can remain a locally-owned independent community bank that is committed to seeing our customers and communities prosper well into the future!

We thank you all for allowing us to serve you and look forward to continuing to serve you long into the future. We will continue to strive to find ways to add value to our relationships with you through providing competitive high-quality products and services, superior customer service, and the commitment to see you and our communities prosper!

The following are some FAQ’s that will help you learn more about the merger. We will continue to update this as the merger progresses. This will be available on the Community First Bank (www.cfbank.com) and the Livingston State Bank (www.livingstonbank.com) websites.

Customer Questions & Answers

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Deposit Accounts

How will my account change once it is moved to Community First Bank?

A Welcome Packet will be sent by 11/1/2016. It, and in some cases individual letters, will explain any changes you can expect related to your account(s). The Welcome Packet includes a Product and Services Overview Guide that outlines how your Livingston State Bank accounts will convert to Community First Bank. If you feel the account doesn’t fit your needs, please remember we have a wide range of options for you to choose from.

If you do not receive a Welcome Packet by 11/7/16 and would like to obtain one, please call 1-608-375-4117 or visit any of our branches.

Will the transfer of my account to Community First Bank affect my checks and deposit slips?

We will be able to accept items with the Livingston State Bank routing number and account number for 1 year after the merger (until December 5, 2017). We do encourage you to order new checks and deposit tickets at your earliest convenience.

If I make a deposit at Community First Bank, how soon will it be available to cover checks and other transactions?

The following information explains how soon various types of deposits, such as checks deposited from another bank, will be available for your use at Community First Bank.

  • Deposits made by 4:00pm, (if there are no holds placed on the checks), will be available the next business day.
  • Cash and direct deposits (such as payroll direct deposit, Social Security or other government checks) – are generally available the same day of deposit, please see a customer service representative for the complete Funds Availability policy.

Will my direct deposit and other automatic deposits and payments transfer to Community First Bank?

The bank routing number for your account will change to the Community First Bank routing number (075903226) on December 5. Community First Bank will continue to honor the direct deposits and automatic payments presented with the Livingston State Bank routing number for 3 months (or March 5, 2017). If you have an existing direct deposit to your Livingston State Bank account, it will automatically transfer to your new Community First Bank account. Beginning on December 5, we will monitor all direct deposit transactions and notify senders that the routing number has changed to 075903226. Some companies may require that the change notification come directly from you. If any companies do not respond to our notification of change request, you may receive a letter at a later date from Community First Bank requesting you contact the company directly. On or after December 5, confirm with all your direct deposit sources, as well as recipients of automatic payments, that they have updated their records with the Community First Bank routing number 075903226.

How will the transfer of my account affect my ATM or Debit Card?

Your new Community First Bank ATM or Debit Card will be mailed to you beginning November 14. Please activate these cards beginning December 5. Please continue to use your Livingston State Bank ATM or Debit Cards through December 4.

Will my PIN (Personal Identification Number) change?

Yes, your PIN number will change when you are issued your new Community First Bank ATM or Debit Card. You can reset your PIN at any Community First Bank ATM.

Will I still be able to use the same local ATMs? How are the ATM fees handled?

Yes, you will still be able to use your local ATM. There is no surcharge for using any Community First Bank ATM.

Will my ATM or Debit Card limit change?

Your limit may change upon the conversion to Community First Bank. Please contact your Personal Banker with any questions.

What happens to my LSB credit card?

Your existing Livingston State Bank credit card will continue to be active. Use your existing card as you always have and make your payments as usual. Any new cards issued will now have the Community First Bank logo.

How will rates and terms be affected on my Certificate of Deposit that will transfer to Community First Bank?

Your Livingston State Bank CDs will remain at the same rates and terms as you have today until maturity. Prior to maturity, you will receive a renewal notice for your Certificate of Deposit.

What will happen to my IRA Savings Account?

Current IRA savings accounts will be converted to IRA Variable CDs, giving you access as you do now. Annual statements, 1099-R and 5498 forms for IRAs will be mailed by January 31, 2017 and May 31, 2017 respectfully.  If you make a prior year contribution between January 1 and April 15, 2017, you may receive an additional 5498 form. Our bankers are waiting to assist you with any questions you may have on your current IRA.

Will I receive statements for my savings account?

Statements for savings accounts will be mailed out monthly.

What happens if I have a Health Savings Account?

It will transfer to Community First Bank.  Your 1099SA will be mailed out by January 31, 2017 and the 5498SA by May 31, 2017.  If you make a prior year contribution between January 1 and April 15, 2017, you may receive an additional 5498SA form.

Will my LSB safe deposit box be affected?

No, your safe deposit box contract will remain in effect. To simplify the conversion process, your fee will be waived until January 1, 2018. Please consider setting up an auto-renew for your safe deposit box rent prior to January 1, 2018.

What should I know about FDIC coverage on my new Community First Bank deposit account?

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.  Deposit accounts held at Livingston State Bank prior to the merger with Community First Bank will be separately insured by the FDIC until June 5, 2017 to give you an opportunity to restructure your accounts, if necessary.  This grace period is described in more detail below:

  • Checking, savings and money market accounts held at Livingston State Bank will be insured separately by the FDIC up to applicable limits until June 5, 2017.
  • Livingston State Bank CDs dated prior to December 5, 2016, will be separately insured by the FDIC up to applicable limits until the earliest maturity date after June 5, 2017. 
  • CDs that mature during the six month interim period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after June 5, 2017.  CDs that are renewed on any other basis will be separately insured only until June 5, 2017.
  • Deposit accounts and CDs opened on or after December 5, 2016 will be insured up to applicable limits by the FDIC through Community First Bank.

What kind of overdraft services does Community First Bank offer?

Community First Bank provides a variety of Overdraft Protection Services. Please visit https://www.cfbank.com/Personal-Banking/Extras/Overdraft-Services or meet with your Personal Banker to see what option best fits your needs.

Will my account or routing number change?

In most cases, account numbers will remain the same.  If there is a change, your local banker will personally notify you prior to December 2, 2016.  It is important to note that the Livingston State Bank routing number (the nine-digit code that identifies a financial institution) will change to the Community First Bank routing number, 075903226, on December 5, 2016.

When will the Livingston State Bank ATMs be converted to Community First Bank ATMs?

The two ATMs, located in Platteville, will be converted on Tuesday and Wednesday, December 6th and 7th.  Both ATMs will work on Saturday and Sunday of the conversion, but will be unavailable Monday, December 5th through Wednesday, December 7th.   On Thursday, December 8th, they will both function as Community First Bank ATMs


Loans

Will my loan number change?

No, your loan number will stay the same.

Does my interest rate change?

Your interest rate and all terms and conditions of your original agreement will remain the same.

 

Does my payment due date change?

The payment due date and all terms and conditions of your original agreement will remain the same.

Where do I send my payments?

You can mail your monthly payments to the following address:

Community First Bank
Attn: Loan Operations
PO Box 392
Richland Center, WI 53581-0392

You may also mail your payments to any of our branches or make your payment in person.

Can I still view my loan online?

Yes, after your initial user name and password conversion to Community First Bank’s site is complete you will still be able to view your loan through your online banking account.

 

Who will be servicing my loan?

Community First Bank services most loans locally. You will experience the same exceptional customer service and personal attention you are accustomed to.

 

My loan payment is automatically deducted from my deposit account. Will that service continue?

Yes, your auto deductions will remain on the same schedule without any interruptions.  

 

Can I still use my Livingston State Bank loan coupons for my payments after December 2, 2016?

Yes, you will still be able to make your loan payments using the coupons you already have.

 

Will decisions about loans continue to be made locally?

As a community bank, decisions are made locally, by the same great people who live and work in our communities.

 

If you have any additional loan related questions please feel free to give our Loan Operations Department a call at 608-647-4029.


General Information

Where can I find Community First Bank branches and contact information?

Our locations, hours and phone numbers are available at: https://www.cfbank.com/About-Us/locations

Will I be able to access my account by phone?

A quick call to our automated FirstLine Banking system give you access to check your account balances, transfer funds and more 24 hours a day – 7 days a week. To access FirstLine Banking, on or after December 5, call 1-800-485-2871 and follow the prompts. You may also choose to setup a funds transfer relationship via FirstLine by filling out the FirstLine Transfer Authorization Form and return it to your nearest branch.

Will I be able to work with the same staff?

Yes, the same friendly, knowledgeable staff will continue to serve you. Now and in the future, you can count on responsive service and a focus on your goals and needs.

Will the phone numbers change once LSB becomes Community First Bank?

No, the phone numbers for the branches will stay the same.

Who are Boscobel Bancorp, Inc. (Boscobel) and Community First Bank (CFB)?

Boscobel is the holding company for CFB and is an independently owned and operated company.  CFB was founded more than 140 years ago in Boscobel, WI.  In addition to our headquarters in Boscobel, we have locations in Muscoda, Richland Center, Reedsburg and Baraboo, WI.

CFB is built on local people, local decision making and relationships that last and knows the importance of giving back to the communities where its employees and customers work and live.

Will the name change to Community First Bank?

The name and signage will be changed to Community First Bank upon the merger of the banks on December 5, 2016. We will invite you in our branches to celebrate this milestone together!

Who will lead the Bank after the merger?

Dan Klahn, current President of CFB, will remain President of the combined organization upon merger of the banks, with Doug Martin assisting with the integration of the two banks until his planned retirement in December of 2016.  The senior management team of the combined bank will be comprised of the current management teams of CFB and LSB.

Upon merger of Boscobel and Rural, two (2) members of the Rural Board of Directors will join the Boscobel Board of Directors and upon merger of the bank’s, three (3) members of the LSB Board of Directors will join the CFB Board of Directors.

Will ownership of the Bank remain local after the merger?

Yes – Absolutely! As this is a relative merger of equals, ownership of Boscobel after the merger will be compromised of the combined shareholders of both organizations.  This includes all of the employees of the combined banks as Boscobel is partly employee owned through its Employee Stock Ownership Plan (ESOP).  The vast majority of these shareholders reside in the communities served by the banks and are committed to seeing those communities prosper.

Are Community First Bank and Livingston State Bank active in their communities?

Absolutely! Both organizations are very passionate about the communities they serve. You’ll find our team members involved in all facets of our communities from chamber of commerce activities and events to improving the quality of life in our communities and we hope you will join us in that effort.

Who are Rural Bancshares of Wisconsin, Inc. (Rural) and Livingston State Bank (LSB)?

Rural is the holding company for LSB and is an independent, locally owned company that was founded in 1903 and currently has locations in Livingston, Main Street in Platteville and inside Platteville’s Walmart.  LSB believes in local decision making and building relationships one customer at a time.

How will this affect the employees of both Banks?

Representatives from both banks will work together to explore the needs of the employees, customers and communities, and work to adopt the best products, services and technology.

Changes will be made to best meet the needs of the employees, customers, and communities while maintaining the community banking missions of the institutions.

How can I learn more about the merger of Community First Bank and Livingston State Bank?

Information will be updated as it becomes available at www.cfbank.com and www.livingstonbank.com

When can I start using all of the combined branches of Community First Bank and Livingston State Bank?

After the merger and conversion of data processing systems takes place on December 3-4, 2016, you will be able to use both LSB and CFB branches. Until that time it’s business as usual and you should continue to use the branches that you have historically used. You will receive further communications as to the actual timing of the bank merger.

 

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