BNC closing branch, selling loans

Wisconsin’s Coulee Bank is acquiring the loans and deposits of the Golden Valley, Minn., branch of BNCCORP, Bismarck, N.D.

Coulee said it would service the accounts out of its branch in St. Paul, Minn., after BNC finalizes closure of the Golden Valley branch, thus exiting the Minnesota market. The deal, set to close in the second quarter, includes $16.5 million in deposits and $17.2 million in loans.

“Golden Valley offers a great opportunity to expand Coulee Bank’s customer base and to meet the evolving financial needs of our customers today and future customers of tomorrow,” said Dirk R. Gasterland, who became CEO of the La Crosse-based bank in 2018.

This is Coulee’s second acquisition in Minnesota after a decade-long gap. It paid a 1.33 percent premium to pick up $58.3 million in deposits and $61.2 million in assets from the failed Pinehurst Bank in St. Paul in May 2010. It currently has $434.8 million in assets, $333.7 million in deposits, $351million in loans and 80 employees working at seven locations in Minnesota and Wisconsin.

“This transaction … will permit our talented and dedicated leadership group and employee base to concentrate on providing the best service, products and solutions to our customers and communities in our core geographic markets in North Dakota and Arizona,” said BNCCORP Chair Michael Vekich.

Through its subsidiary BNC National Bank, Glendale, Ariz., the $1 billion BNCCORP will operate 12 branches — 10 in North Dakota and one in Arizona — as well as mortgage offices in 11 locations in illinois, Kansas, Missouri, Michigan, Arizona and North Dakota.