MBT Bank has entered into an agreement to acquire the two subsidiary banks of Country Bankers Inc., Blooming Prairie, Minn., in a deal announced July 9. The Forest City, Iowa-based MBT will scoop up the $110 million Farmers & Merchants State Bank of Blooming Prairie and the $130 million Citizens State Bank of Hayfield.
With this acquisition, MBT Bank will acquire F&M locations in Blooming Prairie and Austin, Minn., and CSB locations in Hayfield, Dodge Center, and Mantorville, Minn.
“For over 75 years, we have served our communities and customers the way F&M and CSB have,” said Dennis Busta, president and CEO of MBT Bank. “We are excited to have these two family-owned banks and their employees become part of MBT Bank.”
The $435 million MBT operated as Manufacturer’s Bank & Trust until a rebrand in 2015, which occurred about the time the bank opened its first Minnesota branch in Rochester.
Jim Fiebiger, president of F&M said, “Our identical banking philosophy will provide more and better banking products for our customers, but will also maintain the local, friendly banking environment our customers have grown accustomed to.”
“This is a great opportunity for our banks, staff, and communities to move forward with MBT Bank. Like MBT Bank, our dedicated employees take pride in offering personal customer service,” said Mark Miedtke, president of CSB.
The deal, which is expected to close in September, is subject to regulatory and shareholder approval.