On July 9, MBT Bank announced the acquisition of Farmers & Merchants State Bank of Blooming Prairie and Citizens State Bank of Hayfield.
With the acquisition agreement, MBT acquires F&M locations in Blooming Prairie and Austin, Minnesota, and CSB locations in Hayfield, Dodge Center, and Mantorville, Minnesota.
“For over 75 years, we have served our communities and customers the way F&M and CSB have," MBT Bank President and CEO Dennis Busta said in a release. "We are excited to have these two family owned banks and their employees become part of MBT Bank.”
F&M has assets of $110 million, according to the release.
“Our identical banking philosophy will provide more and better banking products for our customers, but will also maintain the local, friendly banking environment our customers have grown accustomed to,” F&M President Jim Fiebiger said.
CSB has assets of $130 million, according to the release.
“This is a great opportunity for our banks, staff, and communities to move forward with MBT Bank. Like MBT Bank, our dedicated employees take pride in offering personal customer service,” CSB President Mark Miedtke said.
Subject to regulatory and shareholder approval, MBT Bank expects to close on the transaction in September. Upon the closing of the transaction, MBT Bank will have total assets of $680 million.