Baylake Corporation, the holding company for Baylake Bank, has announced a merger with N.E.W. Bancshares, the parent company for the Union State Bank in Kewaunee. Under the terms of the agreement, Baylake will pay approximately $9.7 million in total consideration, approximately 60% in cash and 40% in Baylake common stock. The transaction is subject to regulatory and N.E.W. shareholder approval, as well as certain closing conditions. Union State Bank has two locations in Kewaunee, one in Two Rivers, and one in Green Bay.