Chronicles

South Dakota bank expands in Minnesota

First Bank & Trust, Brookings, S.D., is buying two Minnesota banks operating under one holding company: Peoples Bank of Commerce, and State Bank of New Prague, both owned by the Duke Financial Group, Minneapolis. The $296 million Peoples Bank of Commerce is based in Cambridge and has branches in Princeton, East Bethel, Edina and Roseville. State Bank of New Prague has one location and assets of $112 million. The name of both banks will change to First Bank & Trust. [Continue]

Bankers form core processor co-op

Waldorf Computer Systems of West Des Moines, Iowa, has entered into an agreement to transition ownership of its core banking software product to the Community Bankers Cooperative, a not-for-profit, member-owned-and-controlled cooperative that is being formed by banks that use the company’s software, BANCADO. [Continue]