CorTrust to expand in Twin Cities with Minnesota acquisition
May 29, 2019
CorTrust Bank N.A. plans to acquire a Minnesota bank that will accelerate its growth in the Twin Cities.
Pending regulatory approval, the Sioux Falls-based bank will acquire First Minnesota Bank, which is based in Minnetonka and has 11 branches throughout the Twin Cities region.
It will grow CorTrust’s Minnesota footprint from four to 15 branches and will bring combined assets to $1.2 billion.
“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.”
First Minnesota Bank has $347 million in assets and was originally chartered in 1881 as First National Bank of Glencoe.
“We believe CorTrust Bank and First Minnesota Bank share a common culture and commitment to hometown, community banking and the value it brings to our customers,” president and CEO Lowell Wakefield said.
The transaction is expected to close before Sept. 30.
CorTrust also has 22 branches in South Dakota.
