Cold Spring, Minn.-based Granite Bank is entering the Twin Cities metro market by acquiring Champlin, Minn.-based Maple Bank.
The acquisition is expected to close in the third quarter of this year. Maple Bank, a single-location community bank founded in 2003, has approximately $95 million in assets. After the deal closes, the currently one-branch Granite Bank will have approximately $240 million in assets.
“We are proud to be acquiring Maple Bank, and have long admired the job that Maple Bank and their bankers have done serving the small business community,” said Granite Bank President & CEO Gerald Reiter. “It is an exciting opportunity to serve customers in the northwest metro of the Twin Cities, and we look forward to expanding on the relationship-based style of banking they’re accustomed to. This partnership will bring additional banking opportunities to both organizations and communities they serve, making them stronger together.”
Maple Bank CEO Brian Borgerding added that the $147 million Granite Bank “has an outstanding reputation in central Minnesota, and we know they’ll continue the tradition of supporting our local community and economy.”
Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to Granite Bank. Clifton Larson Allen LLP and Fredrikson & Byron, P.A. served as financial and legal advisor and counsel, respectively, to Maple Bank.