Minnwest Bank and Roundbank, two lenders based in the US state of Minnesota, have agreed to merge their operations.
The deal will create a combined lender with a stronger footprint in the state.
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Roundbank was originally chartered in 1881 and currently owned by holding company Waseca Bancshares. It has four branches in Minnesota.
As of July 2021, the bank had around $385m in assets.
On the other hand, the family-owned Minnwest Bank has 32 branches in the state with around $2.27bn in assets.
Minnwest Bank president Douglas Karsky said: “Merging Minnwest Bank with Roundbank presents an exciting opportunity for Minnwest to expand its geographic footprint and customer reach, as well as become more sophisticated with our mortgage and consumer lending services.
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By GlobalData“Not only are there business benefits to merging, but there are synergies between Roundbank and Minnwest culturally as well. Through this process, our ultimate goal is to make this transition as smooth and as transparent as possible to staff and customers.”
Roundbank president Larry Thompson said: “We are excited about the merger with Minnwest Bank, as they share our values and commitment to employees, customers, and communities they serve.
“They have an extremely strong agricultural focus and this together with their desire to expand mortgage and retail services, will provide significant opportunity to Roundbank employees.”
The deal is expected to close by the end of this year, subject to regulatory approval.
