South Dakota-based CorTrust Bank has agreed to acquire First Minnesota Bank.
Founded in 1881, First Minnesota Bank delivers personal and business banking, and mortgage services.
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The bank has 11 branches across the Twin Cities metropolitan area.
CorTrust too offers a range of services including personal and business banking, mortgage, wealth management, and insurance services.
According to media reports, the acquisition will bolster CorTrust’s Minnesota branch count to 15 from the present figure of four.
In South Dakota, CorTrust has 22 branches.
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By GlobalDataThe takeover will add $347m in assets to CorTrust’s books, taking its total assets to $1.2bn.
Financial terms of the deal, which is pending regulatory nod, were not divulged.
The transaction is expected to be wrapped up by 30 September 2019.
CorTrust president and CEO Jack Hopkins said: “With 11 additional locations in Minnesota, the acquisition of First Minnesota Bank will play an important role in providing continued growth opportunities for our existing employees and shareholders.
“It also shows CorTrust Bank’s deep commitment to the Minnesota and South Dakota markets and our belief in the value of community banking.”
Recently, consolidation activities in the US community banking space has picked up pace.
Earlier this month, Heritage Commerce agreed to buy Presidio Bank in a deal worth around $200.3m.
Another recent deal is the acquisition of SI Financial Group by Berkshire Hills Bancorp for $176m.
