Minnwest Bank in Redwood Falls, Minnesota, is buying Roundbank in Waseca, Minnesota.
The $2.2 billion-asset Minnwest said that acquiring Roundbank would expand Minnwest's footprint within Minnesota and diversify its product offerings.
It would help the buyer “become more sophisticated with our mortgage and consumer lending services,” Douglas Karsky, the bank’s president, said in a press release.
Minnwest is focused largely on agriculture lending. The companies expect the deal to close late this year. The price was not disclosed.
The $385 million-asset Roundbank, a unit of Waseca Bancshares, has four branches (one each in the Minnesota cities of Waseca, New Prague, Waldorf and Farmington). Minnwest has 32 branches in Minnesota and South Dakota.
“They have an extremely strong agricultural focus, and this together with their desire to expand mortgage and retail services will provide significant opportunity” for the merged banks, Larry Thompson, Roundbank's president of Roundbank, said in the release.
