First Western Bank & Trust enters SW Minnesota with bank buy

Minot, N.D.-based First Western Bank & Trust recently expanded its footprint into southwest Minnesota by acquiring State Bank of Lismore. 

The deal was completed Nov. 30, when State Bank of Lismore became First Western Bank & Trust. By acquiring the $65 million State Bank of Lismore, First Western Bank & Trust grew to a nearly $2.2 billion bank with more than 330 employees in 13 communities across North Dakota, Minnesota and South Dakota. 

The acquisition continues First Western’s recent expansion. In 2020, the bank grew to $1.85 billion from $1.1 billion by acquiring Fargo, N.D.-based BlackRidgeBANK. The following year, First Western Bank & Trust opened an LPO in Sioux Falls, S.D.  

State Bank of Lismore President Mark Loosbrock said the bank had been seeking “a strong financial institution to partner with us to continue and expand on our commitment to serving all of our customers’ financial, insurance, and now, trust department needs.”

First Western Bank & Trust President and CEO Brenda K. Foster described State Bank of Lismore as “a long-standing, family-owned bank with a very well-respected banking history. Our banks have common values focused on superior customer service and a deep commitment to our customers and communities.”