Sanborn, Minn.-based Red Rock Bank will merge into its sister charter MidCountry Bank, Minneapolis, later this year.
Both community banks are owned and operated by Minneapolis-based holding company MidCountry Acquisition Corp. After the deal is finalized in October, branches of the $47 million Red Rock Bank in Springfield, Minn., and Sanborn will operate as MidCountry Bank, increasing the number of MidCountry Bank offices to 16.
The merger will allow the $1.2 billion MidCountry Bank to broaden its agricultural services footprint while offering higher lending limits, a wider range of banking products, increased community support and additional career advancement opportunities, according to MidCountry Bank.
“It’s a great match for both organizations,” said MidCountry Bank President and CEO Steve Meads. “We share similar commitments to serving our customers and communities with a relationship-focused approach. MidCountry Bank will continue to build upon what Red Rock Bank has already established in its communities and deliver an exceptional banking experience. We look forward to welcoming their customers and team members into the MidCountry Bank family.”
