First Dakota National Bank in Yankton, S.D., has agreed to buy a branch from HF Financial in Sioux Falls, S.D.
The $1.1 billion-asset First Dakota will buy a branch in Pierre, S.D., along with deposits and loans, from the $1.3 billion-asset HF Financial. The companies did not disclose the price of the deal, which is set to close in roughly 90 days.
"Pierre is a good, strong community with hard-working and talented people," Larry Ness, First Dakota's chairman and chief executive, said in a press release Wednesday. "We are confident we can play a role in their future success and we can't wait to get there."
"This branch sale is part of our ongoing strategy to become focused on our core banking markets in eastern South Dakota, which will improve our efficiency and align our business model with our market opportunities," Stephen Bianchi, HF Financial's president and chief executive, said in the release. "We believe our strategy will benefit both customers and shareholders, and we are confident that First Dakota will provide our Pierre branch customers with excellent service."
