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LAKE AREA BANK CLOSES PURCHASE TRANSACTION OF THE MINNESOTA ASSETS OF S&C BANK |
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Lake Area Bank announced today the closing of the purchase transaction acquiring the Minnesota assets of S&C Bank from AnchorBank, fsb. Terms of the acquisition were not disclosed. Regulatory approvals of the transaction were previously received from the Federal Deposit Insurance Corporation (FDIC) on January 17, 2008 and the State of Minnesota Department of Commerce on January 23, 2008.
The addition of the Minnesota assets of S&C Bank will add branch offices located in the communities of Almelund, Harris and Stillwater, Minnesota, along with an undeveloped bank location in Cottage Grove, Minnesota. All Minnesota S&C employees will transfer their employment to Lake Area Bank including: R. Scott Johnson, Linda Romberg, Jason Jordan, John Booth, Becky Lind, Jamie Lecuyer and Pat Thron in the Stillwater office; Sue Meyers, Pearl Stevens, Joan Webber, Barb Johnson, Renee Kidd and Tammy Hansen in the Harris Office; and Katie Ekstedt and Tammy Frank in the Almelund office.
“We are excited to welcome new customers and employees to the Lake Area Bank Family. Adding these three new locations will not only expand our presence in Chisago County, it will introduce Lake Area Bank into the St. Croix Valley area with the Stillwater location,” says Marc Campbell, President and Chief Operating Officer of Lake Area Bank.
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