(September 19, 2024) First State Bank of Sauk Centre and Pine Country Bank jointly announce that First State Bank of Sauk Centre will be merged into Pine Country Bank, with an expected January 2025, completion. Both community banks are currently owned and operated by the same Minnesota-based holding company. Upon completion of the merger, the First State Bank of Sauk Centre branches in Sauk Centre and Minneapolis, Minnesota will operate as Pine Country Bank, increasing the number of Pine Country Bank branch locations to five.
The strategic merger aims to combine the strengths of both banks, delivering enhanced value to customers by offering greater lending limits and a range of banking products, expanded community support, and additional career opportunities for team members. The merger will also strengthen Pine Country Bank’s market position in Minnesota with added branch access for customers and an increased presence of agricultural services.
“We are excited to have the First State Bank of Sauk Centre customers and team members join Pine Country Bank. I strongly believe it is a great match for both organizations,” said Rob Ronning, President, and CEO of Pine Country Bank. “We look forward to welcoming First State Bank of Sauk Centre customers and team members into the Pine Country Bank family. We have a relationship-focused approach and share similar commitments to serving our customers and communities. Pine Country Bank will continue to build upon what First State Bank of Sauk Centre has already established in its communities and deliver an exceptional banking experience.”
First State Bank of Sauk Centre President and CEO, Michael Bick shared a similar sentiment: “Pine Country Bank shares the same common mission and values of providing exceptional financial services and building lasting relationships. We are excited to join forces to create an even stronger financial institution and expand our area presence. Together, we will be well positioned to navigate the evolving financial landscape and drive long-term growth.”
As of June 30, 2024, Pine Country Bank had total assets of $244 million. The bank currently has three branch locations in Minnesota, serving customers in Little Falls, Rice, and Royalton. First State Bank of Sauk Centre had total assets of $157 million as of June 30, 2024, with branches in Sauk Centre and Minneapolis, Minnesota.
The appropriate regulatory authorities have approved the merger. The banks anticipate the merger to be complete by January 1, 2025, with the system and account conversion scheduled for late January. Prior to the merger, both banks will communicate details to impacted customers to provide for a smooth transition. Until that time, daily transactions and account access will continue as usual.
Media Contact:
Rob Ronning
Pine Country Bank
President & CEO
rob@pinecountrybank.com
320-632-9740