Rochester's Home Federal Savings Bank has officially wrapped up its purchase of Kasson State Bank.
Home Federal announced the deal to acquire the bank and its two Kasson branches in April. HMN Financial, Home Federal's parent holding company, actually made the acquisition.
"We look forward to continuing on with the long established community banking tradition of Kasson State Bank in serving the individual and business banking needs of Kasson and surrounding communities in the years to come," stated HMN President Brad Krehbiel in the announcement of the closure of the deal.
The Palmer family owned the Kasson State Bank. It has 19 employees on staff and assets of about $60 million. The two branches will now be operated under the Home Federal name.
Neither bank released financial details about the deal. Home Federal officials did say that the bank funded the acquisition with "internally available funds."
Kasson State Bank has a 141-year history dating back to the 1874 founding of the First National Bank of Kasson. The bank has been owned by the Palmer family since 1924.
Home Federal now has nine Minnesota branches. It has offices in Albert Lea, Austin, Eagan, La Crescent, two in Rochester, Spring Valley and Winona; one full-service office in Marshalltown, Iowa; one loan-origination office in Sartell; and two private-banking offices in Rochester.