Merchants Bank in Winona, Minn., has agreed to acquire the First National Bank of Northfield, Minn. The deal is expected to close by the end of the year.
“We are thrilled with the opportunity to be joining the Northfield community and continuing The First National Bank’s tradition of high quality customer service and community involvement,” said Merchants President and CEO Greg Evans. “We are also humbled by the stewardship responsibility that comes with ensuring First National’s legacy with its customers and in the community will continue to be nurtured and never forgotten.”
Founded in 1873, the First National Bank of Northfield has $207 million in assets, $157 million in loans (plus an additional $60 million in sold loan participations) and $183 million in deposits. Internationally recognized as the bank that defeated Jesse James in 1876, First National Bank operates out of two branches in Northfield and a loan production office in Minneapolis.
“There are tremendous challenges today for smaller community banks, so we made the strategic decision to find the right partner to provide broader financial services and technology tools that will be expected by our customers well into the future,” said David Shumway, CEO for The First National Bank of Northfield. “We know Merchants is the right partner, and our due diligence identified Merchants as an organization absolute in its commitment to shared values of community leadership and strong service culture.”
The $1.8 billion Merchants Bank has 21 branches in southeastern Minnesota and west-central Wisconsin.