Merchants Bank picks up Spring Grove bank
Here's a little from a press release that just popped into my e-mail box. Looks like Winona-based Merchants Bank is expanding its reach some in southeastern Minnesota.
Merchants Bank has reached an agreement to purchase the current Central Bank in Spring Grove, according to Merchants Financial Group, Inc., President and CEO Richard L. Mahoney and Central Bank President Larry Albert.
The sale will include more than $22 million in deposit relationships and the physical locations of the bank in Spring Grove.--------------
Through an agreement with the FDIC, Central Bank had assumed all the deposits of Jennings State Bank and its two locations in Spring Grove and Stillwater in early October of 2009. Central Bank is headquartered in Stillwater.
The sale is pending regulatory approval. Barring complications, Mahoney said he expects the sale to be completed in late Fall. Terms of the sale have not been disclosed. Merchants Financial Group, Inc., has about $1.1 billion in assets and is the holding company that owns Merchants Bank.
When the sale is complete, Spring Grove will become the Bank’s 18th location.