Frandsen Financial Corporation is continuing its acquisition spree with a deal to buy Peoples Bank Midwest, Hayward, Wis.
Founded as Peoples National Bank in 1925, Peoples Bank Midwest has $360 million in assets. Current majority owner and Chair Michael J. O’Meara purchased the bank in 1991. Under O’Meara’s leadership, it expanded in 1996 to Eau Claire, Wis., and in 2007 to Vadnais Heights, Minn.
“Peoples Bank Midwest customers won’t notice many differences, if any, once the ownership changes hands; they will continue to receive superior customer service by the same bank staff they currently work with,” O’Meara said. “We were very intentional about who we sold the bank to.”
Arden Hills, Minn.-based Frandsen announced its intention last year to become an acquiring institution. It kicked off its campaign with purchase of an office in Duluth, Minn., from Alerus Financial, Grand Forks, N.D.
“Frandsen Financial Corporation and Peoples Bank Midwest share very similar ‘community-first’ philosophies and we look forward to serving the Peoples Bank Midwest customers and supporting the communities of Hayward, Eau Claire, and Vadnais Heights for years to come,” said Frandsen CEO Chuck Mausbach.
Current Peoples Bank Midwest CEO Daniel Riebe, will continue to oversee the three Peoples Bank Midwest offices after the acquisition is finalized, expected by the end of the year.
The Hovde Group provided financial advisory services to Peoples Bank Midwest as part of this transaction.
The $1.7 billion Frandsen has more than 35 offices in North Dakota, Wisconsin and Minnesota.