CorTrust Bank is acquiring a set of Minnesota banks, the Mitchell-based financial institution has announced.
It is planning to acquire 11 locations of First Minnesota Bank by Sept. 30, pending regulatory approval and other closing requirements. The purchase price is $347 million, bringing CorTrust Bank's combined assets to nearly $1.2 billion and its number of locations to 37.
"With 11 additional locations in Minnesota, the acquisition of First Minnesota Bank will play an important role in providing continued growth opportunities for our existing employees and shareholders," said Jack Hopkins, president and CEO of CorTrust Bank. "It also shows CorTrust Bank's deep commitment to the Minnesota and South Dakota markets and our belief in the value of community banking."
CorTrust Bank has 22 locations in South Dakota, including two in Mitchell. A majority of First Minnesota Bank's locations are located in the Minneapolis-St. Paul metropolitan area. The cities include Anoka, Buffalo, Champlin, Edina, Glencoe, Hutchinson, Mayer, Minnetonka, Monticello, Mound and Stewart. CorTrust Bank already has four locations in Minnesota, all in the Twin Cities metro area.
The bank was founded in 1930 in Artesian as Livestock State Bank. The bank moved its headquarters to Mitchell in 1984, and formally changed its name to CorTrust Bank in 1993.
